8-K - WSR - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 Or 15(d) of

The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 3, 2025

Whitestone REIT

(Exact name of registrant as specified in charter)

Maryland	001-34855	76-0594970
(State or other jurisdiction<br><br> <br>of incorporation)	(Commission File Number)	(IRS Employer Identification No.)
2600 South Gessner, Suite 500,
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Houston, Texas	77063
(Address of principal executive offices)	(Zip Code)

(713) 827-9595

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule #14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Shares of Beneficial Interest, par value $0.001 per share	WSR	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On March 3, 2025, Whitestone REIT (the “Company”) announced its financial results for the three and twelve months ended December 31, 2024. A copy of the Company’s March 3, 2025 press release is furnished as Exhibit 99.1 to this current report on Form 8-K. A copy of the Company’s Quarterly Operating and Financial Supplemental Package is furnished as Exhibit 99.2 to this current report on Form 8-K. The information contained in this current report on Form 8-K, including Exhibits 99.1 and 99.2, shall not be deemed “filed” with the Securities and Exchange Commission nor incorporated by reference into any registration statement filed or to be filed by the Company under the Securities Act of 1933, as amended.

Item 9.01 Exhibits

(d) Exhibits.

99.1 Press release of Whitestone REIT, dated March 3, 2025.

99.2 Quarterly Supplemental Operating and Financial Data Package for Whitestone REIT for the three and twelve months ended December 31, 2024.

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

EXHIBIT INDEX

99.1	Press release of Whitestone REIT, dated March 3, 2025.
99.2	Quarterly Supplemental Operating and Financial Data for Whitestone REIT for the three and twelve months ended December 31, 2024.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		Whitestone REIT
		(Registrant)
Date:	March 3, 2025	By: /s/ John S. Hogan
		Name: John S. Hogan<br><br> <br>Title: Chief Financial Officer

ex_752909.htm

Exhibit 99.1

WHITESTONE REIT

REPORTS FOURTH QUARTER AND FULL YEAR 2024 RESULTS

Houston, Texas, March 3, 2025 - Whitestone REIT (NYSE: WSR) (“Whitestone” or the “Company”) today announced its operating and financial results for the fourth quarter and full year of 2024. 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 December 31, 2024 and 2023, Net income attributable to common shareholders per diluted share was $0.33 and $0.03, respectively. For the full year 2024 and 2023, Net income attributable to common shareholders per diluted share was $0.72 and $0.38, respectively.

“We are pleased to report strong fourth quarter and full year operating and financial results, highlighted by 11% year over year Core FFO per share growth, 5.1% Same Store NOI growth for the full year 2024 and a fourth quarter ratio of debt to EBITDAre of 6.6X, an improvement of almost one full turn over fourth quarter 2023. The leasing environment in our markets remains robust, evidenced by our 21.9% combined GAAP leasing spreads in the fourth quarter, extending our streak to 11 consecutive quarters with leasing spreads in excess of 17%. We remain confident in the quality of our portfolio, strength of our well-diversified tenant base and the ability of our team to execute on the opportunities before us to drive strong sustainable earnings growth through strategically focusing on sunbelt markets and leveraging our leadership position in high-value shop space (77% of ABR). Our first quarter 2025 dividend represents a 9% increase from the prior quarter and today we are providing an initial 2025 Core FFO guidance range of $1.03 to $1.07. We look forward to providing more color on our fourth quarter earnings call tomorrow morning.”

– Dave Holeman, Chief Executive Officer

Fourth Quarter 2024 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 $40.8 million versus $37.5 million for the fourth quarter of 2023.
•	Net Income attributable to common shareholders of $17.3 million, or $0.33 per diluted share, inclusive of a $0.23 per diluted share gain on sale of properties, versus $1.5 million, or $0.03 per diluted share for the fourth quarter of 2023.
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•	Core Funds from Operations (“FFO”) of $14.7 million versus $12.4 million for the fourth quarter of 2023.
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•	FFO per diluted share of $0.28 versus $0.21 for the fourth quarter of 2023.
•	Core FFO per diluted share was $0.28 versus $0.24 for the fourth quarter of 2023.
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•	EBITDAre of $23.0 million versus $21.0 million for the fourth quarter of 2023.
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•	Same-Store Net Operating Income (“NOI”) grew 5.8% to $25.0 million versus $23.7 million for the fourth quarter of 2023.
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•	Net Effective Annual Base Rental Revenue per leased square foot was up 5% to $24.51, compared to the prior year quarter.
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Full Year 2024 Operating and Financial Results

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

•	Revenues of $154.3 million versus $147.0 million for 2023.
•	Net Income attributable to common shareholders of $36.9 million, or $0.72 per diluted share, inclusive of a $0.43 per diluted share gain on sale of properties, versus $19.2 million, or $0.38 per diluted share, inclusive of a $0.18 per diluted share gain on sale of properties for 2023.
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•	Funds from Operations (“FFO”) per diluted share of $0.98 versus $0.88 for 2023.
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•	Core FFO per diluted share of $1.01 versus $0.91 for 2023.
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•	EBITDAre of $85.3 million versus $81.0 million for 2023.
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•	Same-Store Net Operating Income (“NOI”) grew 5.1% to $94.6 versus $90.1 million for 2023.
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Operating Results

For the three-month periods ending December 31, 2024 and 2023, the Company’s operating highlights were as follows:

	Fourth Quarter 2024	Fourth Quarter 2023
Occupancy:
Wholly Owned Properties – All	94.1%	94.2%
>10,000 Sq Ft Occupancy	97.4%	97.5%
≤ 10,000 Sq Ft Occupancy	92.1%	92.1%
Same Store Property Net Operating Income Change ^(1)^	5.8%	2.4%
Rental Rate Growth - Total (GAAP Basis):	21.9%	21.8%
New Leases	36.1%	37.3%
Renewal Leases	19.0%	15.3%
Leasing Transactions:
Number of New Leases	29	44
New Leases - Lease Term Revenue (millions)	$40.6	$26.7
Number of Renewal Leases	50	32
Renewal Leases - Lease Term Revenue (millions)	$15.9	$23.6

Balance Sheet and Debt Metrics

•	As of December 31, 2024, Whitestone had total debt of $632.5 million, along with capacity and availability of $125.0 million each under its $250 million revolving credit facility.
•	As of December 31, 2024, the Company has undepreciated real estate assets of $1.2 billion.
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Dividend

On December 4, 2024, the Company declared a quarterly cash distribution of $0.135 per common share and OP unit for the first quarter of 2025, to be paid in three equal installments of $0.045 in January, February, and March of 2025.

2025 Full Year Guidance

The Company currently estimates that U.S. generally accepted accounting principles (“GAAP”) net income available to common shareholders will be within the range of $0.33 to $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.

	Initial 2025 Guidance	2024 Actual
	(unaudited, amounts in thousands except per share and percentages)
Net income attributable to Whitestone REIT	$17,135 - $19,219	$36,893
Core FFO ^(1)^	$54,158 - $56,268	$52,474
Net income attributable to Whitestone REIT per share	$0.33 - $0.37	$0.72
Core FFO per diluted share and OP Unit ^(1)^	$1.03 - $1.07	$1.01
Key Drivers:
Same store net operating income growth ^(2)^	3.0% - 4.5%	5.1%
Bad debt as a percentage of revenue	0.75% - 1.00%	0.81%
General and administrative expense	$20,800 - $22,800	$23,189
Interest expense	$32,000 - $33,000	$34,035
Ending occupancy	94.0% - 95.0%	94.1%
^(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.
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^(2)^	Excludes straight-line rent, amortization of above/below market rates and lease termination fees for both periods.
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Portfolio Statistics

As of December 31, 2024, 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 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.

At the end of the fourth quarter, the Company’s diversified tenant base was comprised of 1,445 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 Tuesday, March 4, 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 Friday, March 18, 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):	13747760

Supplemental Financial Information

The fourth 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.

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; pending acquisitions and the impact of such acquisitions on our financial condition and results of operations; statements related to our expectations regarding the performance of our business; anticipated capital expenditures required to complete projects; amounts of anticipated cash distributions to our shareholders in the future; and other matters. These forward-looking statements are not historical facts but reflect 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,” “hopes,” “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 the national economy and the real estate industry, both in general and in our specific markets; legislative or regulatory changes, including changes to laws governing REITs; adverse economic or real estate developments or conditions in Texas or Arizona, Houston, Dallas, 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 Houston, Dallas, 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 timing and 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.

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

ir@whitestonereit.com

Whitestone REIT and Subsidiaries
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share data)
			December 31, 2023
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ASSETS
Real estate assets, at cost
Property	1,248,223		$	1,221,466
Accumulated depreciation	(246,534	)		(229,767	)
Total real estate assets	1,001,689			991,699
Investment in real estate partnership	—			31,671
Cash and cash equivalents	5,224			4,572
Restricted cash	10,146			68
Escrows and deposits	4,006			24,148
Accrued rents and accounts receivable, net of allowance for doubtful accounts (1)	33,820			30,592
Receivable from partnership redemption	31,643			—
Receivable due from related party	15,186			1,513
Unamortized lease commissions, legal fees and loan costs	14,693			13,783
Prepaid expenses and other assets(2)	7,805			4,765
Finance lease right-of-use assets	10,427			10,428
Total assets	1,134,639		$	1,113,239
LIABILITIES AND EQUITY
Liabilities:
Notes payable	631,518		$	640,172
Accounts payable and accrued expenses(3)	40,703			36,513
Payable due to related party	1,577			1,577
Tenants' security deposits	9,295			8,614
Dividends and distributions payable	6,931			6,025
Finance lease liabilities	781			721
Total liabilities	690,805			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 December 31, 2024 and December 31, 2023	—			—
Common shares, 0.001 par value per share; 400,000,000 shares authorized; 50,690,163 and 49,610,831 issued and outstanding as of December 31, 2024 and December 31, 2023, respectively	51			50
Additional paid-in capital	637,946			628,079
Accumulated deficit	(205,557	)		(216,963	)
Accumulated other comprehensive income	5,713			2,576
Total Whitestone REIT shareholders' equity	438,153			413,742
Noncontrolling interest in subsidiary	5,681			5,875
Total equity	443,834			419,617
Total liabilities and equity	1,134,639		$	1,113,239

All values are in US Dollars.

Whitestone REIT and Subsidiaries
CONSOLIDATED BALANCE SHEETS
(in thousands)
	December 31, 2024			December 31, 2023
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^(1)^ Accrued rents and accounts receivable, net of allowance for doubtful accounts			****			****
Tenant receivables	$	17,285		$	16,287
Accrued rents and other recoveries		29,964			26,751
Allowance for doubtful accounts		(14,720	)		(13,570	)
Other receivables		1,291			1,124
Total accrued rents and accounts receivable, net of allowance for doubtful accounts	$	33,820		$	30,592
^(2)^ Operating lease right of use assets (net)	$	59		$	109
^(3)^ Operating lease liabilities	$	58		$	112

Whitestone REIT and Subsidiaries
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(in thousands)
	Three Months Ended December 31,						Year Ended December 31,
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	2024			2023			2024			2023
Revenues			****			****			****			****
Rental^(1)^	$	38,932		$	37,247		$	151,260		$	145,652
Management, transaction, and other fees		1,906			277			3,022			1,317
Total revenues		40,838			37,524			154,282			146,969
Operating expenses			****			****			****			****
Depreciation and amortization		8,652			8,428			34,894			32,966
Operating and maintenance		7,538			8,101			28,205			27,948
Real estate taxes		4,785			3,848			17,773			18,016
General and administrative		5,579			5,002			23,189			20,653
Total operating expenses		26,554			25,379			104,061			99,583
Other expenses (income)			****			****			****			****
Interest expense		8,222			8,303			34,035			32,866
(Gain) loss on sale of properties		(11,913	)		620			(22,125	)		(9,006	)
Loss on disposal of assets, net		364			22			547			522
Interest, dividend and other investment income		(72	)		(2	)		(87	)		(51	)
Total other expenses		(3,399	)		8,943			12,370			24,331
Income before equity investment in real estate partnership and income tax		17,683			3,202			37,851			23,055
Deficit in earnings of real estate partnership		—			(1,528	)		(28	)		(3,155	)
Provision for income tax		(123	)		(111	)		(450	)		(450	)
Net Income		17,560			1,563			37,373			19,450
Less: Net income attributable to noncontrolling interests		223			22			480			270
Net income attributable to Whitestone REIT	$	17,337		$	1,541		$	36,893		$	19,180

Whitestone REIT and Subsidiaries
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(in thousands, except per share data)
	Three Months Ended December 31,					Year Ended December 31,
---	---	---	---	---	---	---	---	---	---	---
	2024		2023			2024		2023
Basic Earnings Per Share:					****					****
Net income attributable to common shareholders, excluding amounts attributable to unvested restricted shares	$	0.34	$	0.03		$	0.73	$	0.39
Diluted Earnings Per Share:					****					****
Net income attributable to common shareholders, excluding amounts attributable to unvested restricted shares	$	0.33	$	0.03		$	0.72	$	0.38
Weighted average number of common shares outstanding:					****					****
Basic		50,650		49,586			50,214		49,501
Diluted		51,859		51,064			51,347		50,813
Consolidated Statements of Comprehensive Income (Loss)					****					****
Net income	$	17,560	$	1,563		$	37,373	$	19,450
Other comprehensive income (loss)					****					****
Unrealized gain (loss) on cash flow hedging activities		6,474		(10,054	)		3,178		(3,452	)
Comprehensive income (loss)		24,034		(8,491	)		40,551		15,998
Less: Net income attributable to noncontrolling interests		223		22			480		270
Less: Comprehensive income (loss) attributable to noncontrolling interests		82		(139	)		41		(48	)
Comprehensive income (loss) attributable to Whitestone REIT	$	23,729	$	(8,374	)	$	40,030	$	15,776

Whitestone REIT and Subsidiaries
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(in thousands)
	Three Months Ended December 31,						Year Ended December 31,
---	---	---	---	---	---	---	---	---	---	---	---	---
	2024			2023			2024			2023
(1) Rental
Rental revenues	$	27,580		$	26,714		$	108,930		$	105,494
Recoveries		11,549			10,538			43,558			41,109
Bad debt		(197	)		(5	)		(1,228	)		(951	)
Total rental	$	38,932		$	37,247		$	151,260		$	145,652

Whitestone REIT and Subsidiaries<br><br> <br>CONSOLIDATED STATEMENTS OF CASH FLOWS<br><br> <br>(in thousands)
	Year Ended December 31,
---	---	---	---	---	---	---
	2024			2023
Cash flows from operating activities:			****			****
Net income	$	37,373		$	19,450
Adjustments to reconcile net income to net cash provided by operating activities:			****			****
Depreciation and amortization		34,894			32,966
Amortization of deferred loan costs		1,106			1,089
Gain on sale of properties		(22,125	)		(9,006	)
Loss on disposal of assets		547			522
Bad debt		1,229			951
Share-based compensation		4,579			3,727
Deficit in earnings of real estate partnership		28			3,155
Amortization of right-of-use assets - finance leases		87			94
Building improvements received due to lease termination		(749	)		—
Changes in operating assets and liabilities:
Escrows and deposits		6,509			2,312
Accrued rents and accounts receivable		(4,415	)		(5,973	)
Receivable due from related party		(40	)		(136	)
Unamortized lease commissions, legal fees and loan costs		(3,536	)		(4,592	)
Prepaid expenses and other assets		2,279			2,484
Accounts payable and accrued expenses		(220	)		355
Payable due to related party		—			16
Tenants' security deposits		681			186
Net cash provided by operating activities		58,227			47,600
Cash flows from investing activities:			****			****
Acquisitions of real estate		(55,751	)		(25,474	)
Additions to real estate		(22,410	)		(17,055	)
Proceeds from sales of properties		52,004			19,847
Proceeds from the sale of property held in restricted cash (1031 exchange)		10,146			—
Escrowed loan repayment on behalf of real estate partnership		—			(13,633	)
Net cash used in investing activities		(16,011	)		(36,315	)
Cash flows from financing activities:
Distributions paid to common shareholders		(24,572	)		(23,684	)
Distributions paid to OP unit holders		(321	)		(332	)
Proceeds from issuance of common shares, net of offering costs		7,620			—
Payments of exchange offer costs		(81	)		—
Proceeds from (payments of) credit facility		(21,000	)		42,500
Repayments of notes payable		(66,016	)		(30,945	)
Proceeds from notes payable		76,340			—
Payments of loan origination costs		(789	)		—
Repurchase of common shares		(2,641	)		(525	)
Payment of finance lease liability		(26	)		(14	)
Net cash used in financing activities		(31,486	)		(13,000	)
Net increase (decrease) in cash, cash equivalents and restricted cash		10,730			(1,715	)
Cash, cash equivalents and restricted cash at beginning of period		4,640			6,355
Cash, cash equivalents and restricted cash at end of period ^(1)^	$	15,370		$	4,640
^(1)^	For a reconciliation of cash, cash equivalents and restricted cash, see supplemental disclosures below.
---	---

Whitestone REIT and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
Supplemental Disclosures
(in thousands)
	Year Ended December 31,
---	---	---	---	---	---
	2024		2023
Supplemental disclosure of cash flow information:					****
Cash paid for interest	$	33,663	$	31,136
Cash paid for taxes	$	432	$	435
Non cash investing and financing activities:					****
Disposal of fully depreciated real estate	$	58	$	976
Financed insurance premiums	$	2,638	$	3,002
Value of shares issued under dividend reinvestment plan	$	36	$	75
Value of common shares exchanged for OP units	$	355	$	17
Change in fair value of cash flow hedge	$	3,178	$	(3,452	)
Accrued capital expenditures	$	2,062	$	—
Receivable from partnership redemption	$	31,643	$	—
Recognition of finance lease liability	$	86	$	—
Building improvements received due to lease termination	$	749	$	—
	December 31,
---	---	---	---	---
	2024		2023
Cash, cash equivalents and restricted cash
Cash and cash equivalents	$	5,224	$	4,572
Restricted cash		10,146		68
Total cash, cash equivalents and restricted cash	$	15,370	$	4,640

Whitestone REIT and Subsidiaries
RECONCILIATION OF NON-GAAP MEASURES
(in thousands, except per share and per unit data)
	Three Months Ended December 31,					Year Ended December 31,
---	---	---	---	---	---	---	---	---	---	---	---
	2024			2023		2024			2023
FFO (NAREIT) AND CORE FFO			****					****			****
Net income attributable to Whitestone REIT	$	17,337		$	1,541	$	36,893		$	19,180
Adjustments to reconcile to FFO:(1)
Depreciation and amortization of real estate assets		8,642			8,394		34,811			32,811
Depreciation and amortization of real estate assets of real estate partnership (pro rata) (2)		—			404		111			1,613
Loss on disposal of assets		364			22		547			522
(Gain) loss on sale of properties		(11,913	)		620		(22,125	)		(9,006	)
Net income attributable to noncontrolling interests		223			22		480			270
FFO (NAREIT)	$	14,653		$	11,003	$	50,717		$	45,390
Adjustments to reconcile to Core FFO:
Proxy contest costs		—			—		1,757			—
Default interest on debt of real estate partnership (1)(2)		—			1,375		—			1,375
Core FFO	$	14,653		$	12,378	$	52,474		$	46,765
FFO PER SHARE AND OP UNIT CALCULATION			****					****			****
Numerator:
FFO	$	14,653		$	11,003	$	50,717		$	45,390
Core FFO	$	14,653		$	12,378	$	52,474		$	46,765
Denominator:
Weighted average number of total common shares - basic		50,650			49,586		50,214			49,501
Weighted average number of total noncontrolling OP units - basic		649			693		653			694
Weighted average number of total common shares and noncontrolling OP units - basic		51,299			50,279		50,867			50,195
Effect of dilutive securities:
Unvested restricted shares		1,209			1,478		1,133			1,312
Weighted average number of total common shares and noncontrolling OP units - diluted		52,508			51,757		52,000			51,507
FFO per common share and OP unit - basic	$	0.29		$	0.22	$	1.00		$	0.90
FFO per common share and OP unit - diluted	$	0.28		$	0.21	$	0.98		$	0.88
Core FFO per common share and OP unit - basic	$	0.29		$	0.25	$	1.03		$	0.93
Core FFO per common share and OP unit - diluted	$	0.28		$	0.24	$	1.01		$	0.91
^(1)^	Includes pro-rata share attributable to real estate partnership for the year ended December 31, 2023 and 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 periods ended December 31, 2024 and 2023 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.
---	---

Whitestone REIT and Subsidiaries
RECONCILIATION OF NON-GAAP MEASURES
(continued)
(in thousands)
	Three Months Ended December 31,						Year Ended December 31,
---	---	---	---	---	---	---	---	---	---	---	---	---
	2024			2023			2024			2023
PROPERTY NET OPERATING INCOME			****			****			****			****
Net income attributable to Whitestone REIT	$	17,337		$	1,541		$	36,893		$	19,180
General and administrative expenses		5,579			5,002			23,189			20,653
Depreciation and amortization		8,652			8,428			34,894			32,966
Deficit in earnings of real estate partnership ^(1)^		—			1,528			28			3,155
Interest expense		8,222			8,303			34,035			32,866
Interest, dividend and other investment income		(72	)		(2	)		(87	)		(51	)
Provision for income taxes		123			111			450			450
(Gain) loss on sale of properties		(11,913	)		620			(22,125	)		(9,006	)
Management fee, net of related expenses		—			—			—			16
Loss on disposal of assets, net		364			22			547			522
NOI of real estate partnership (pro rata)^(1)^		—			670			183			2,553
Net income attributable to noncontrolling interests		223			22			480			270
NOI	$	28,515		$	26,245		$	108,487		$	103,574
Non-Same Store NOI ^(2)^		(1,183	)		(1,321	)		(8,001	)		(6,863	)
NOI of real estate partnership (pro rata) ^(1)^		—			(670	)		(183	)		(2,553	)
NOI less Non-Same Store NOI and NOI of real estate partnership (pro rata)		27,332			24,254			100,303			94,158
Same Store straight-line rent adjustments		(470	)		(274	)		(2,981	)		(2,602	)
Same Store amortization of above/below market rents		(158	)		(211	)		(748	)		(808	)
Same Store lease termination fees		(1,662	)		(98	)		(1,961	)		(687	)
Same Store NOI ^(3)^	$	25,042		$	23,671		$	94,613		$	90,061
^(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 as of and for the years ended December 31, 2024 and 2023 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 notice of redemption for substantially all of our investment in Pillarstone OP. As of December 31, 2024, our ownership in Pillarstone OP 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 December 31, 2024 to the three months ended December 31, 2023, Non-Same Store includes properties acquired between October 1, 2023 and December 31, 2024, and properties sold between October 1, 2023 and December 31, 2024, but not included in discontinued operations. For purposes of comparing the twelve months ended December 31, 2024 to the twelve months ended December 31, 2023, Non-Same Store includes properties acquired between January 1, 2023 and December 31, 2024 and properties sold between January 1, 2023 and December 31, 2024, 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 December 31, 2024 to the three months ended December 31, 2023, Same Store includes properties owned before October 1, 2023 and not sold before December 31, 2024. For purposes of comparing the twelve months ended December 31, 2024 to the twelve months ended December 31, 2023, Same Store includes properties owned before January 1, 2023 and not sold before December 31, 2024. Straight line rent adjustments, above/below market rents, and lease termination fees are excluded.
---	---

Whitestone REIT and Subsidiaries
RECONCILIATION OF NON-GAAP MEASURES
(continued)
(in thousands)
	Three Months Ended December 31,					Year Ended December 31,
---	---	---	---	---	---	---	---	---	---	---	---
	2024			2023		2024			2023
EARNINGS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTIZATION FOR REAL ESTATE (EBITDAre)								****			****
Net income attributable to Whitestone REIT	$	17,337		$	1,541	$	36,893		$	19,180
Depreciation and amortization		8,652			8,428		34,894			32,966
Interest expense		8,222			8,303		34,035			32,866
Provision for income taxes		123			111		450			450
Net income attributable to noncontrolling interests		223			22		480			270
Deficit in earnings of real estate partnership ^(1)^		—			1,528		28			3,155
EBITDAre adjustments for real estate partnership ^(1)^		—			448		136			617
(Gain) loss on sale of properties		(11,913	)		620		(22,125	)		(9,006	)
Loss on disposal of assets		364			22		547			522
EBITDAre	$	23,008		$	21,023	$	85,338		$	81,020
(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 and twelve months ended December 31, 2024 and 2023 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 notice of redemption for substantially all of our investment in Pillarstone OP. As of December 31, 2024, our ownership in Pillarstone OP no longer represents a majority interest.
---	---
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.
---	---

ex_752910.htm

Exhibit 99.2

Table of Contents

TABLE OF CONTENTS
	Page
Corporate Profile	1
Fourth Quarter 2024 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	20
Market Capitalization and Selected Ratios	21
Summary of Outstanding Debt and Debt Maturities	23
Summary of Top Tenants	24
Tenant Type Summary	26
Summary of Leasing Activity	27
Lease Expirations	30
Property Details	31

Table of Contents

CORPORATE PROFILE
NYSE: WSR<br><br> <br>Common Shares<br><br> <br><br><br> <br>55 Community Centers<br><br> <br>4.9 million sq. ft. of gross<br><br> <br>leasable area<br><br> <br>1,445 tenants<br><br> <br><br><br> <br>Top Growth Markets<br><br> <br>Austin<br><br> <br>Dallas<br><br> <br>Fort Worth<br><br> <br>Houston<br><br> <br>Phoenix<br><br> <br>San Antonio<br><br> <br><br><br> <br>Fiscal Year End<br><br> <br>12/31<br><br> <br><br><br> <br>Common Shares &<br><br> <br>*Units Outstanding:**<br><br> <br>Common Shares: 50.7 million<br><br> <br>Operating Partnership Units:<br><br> <br>0.7 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.<br><br> <br><br><br> <br>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.<br><br> <br><br><br> <br>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.<br><br> <br><br><br> <br>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 December 31, 2024, provided a 94% premium rental rate compared to our larger space tenants. The largest of our 1,445 tenants at our wholly owned properties comprised only 2.2% of our annualized revenues for the three months ended December 31, 2024.
*Distribution (per share / unit):**
---	---	---	---	---
Quarter: $ 0.1350	Investor Relations:
Annualized: $ 0.54	Whitestone REIT
Dividend Yield: 4.04%**	David Mordy
	Director, Investor Relations
	2600 South Gessner, Suite 500, Houston, Texas 77063
Board of Trustees:	713.435.2219 email: ir@whitestonereit.com
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
	gmehta@allianceg.com	jmassocca@brileyfin.com	barry.oxford@colliers.com	mgermain@jmpsecurities.com
	Lucid Capital Markets	Maxim Group	Truist Securities
* As of February 27, 2025	Craig Kucera	Michael Diana	Anthony Hau
** Based on common share price	917.890.4412	212.895.3641	212.303.4176
of $13.38 as of close of market on	ckucera@lucidcm.com	mdiana@maximgrp.com	anthony.hau@truist.com
February 27, 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.

Table of Contents

WHITESTONE REIT

REPORTS FOURTH QUARTER AND FULL YEAR 2024 RESULTS

– Dave Holeman, Chief Executive Officer

Fourth Quarter 2024 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 $40.8 million versus $37.5 million for the fourth quarter of 2023.
•	Net Income attributable to common shareholders of $17.3 million, or $0.33 per diluted share, inclusive of a $0.23 per diluted share gain on sale of properties, versus $1.5 million, or $0.03 per diluted share for the fourth quarter of 2023.
---	---
•	Core Funds from Operations (“FFO”) of $14.7 million versus $12.4 million for the fourth quarter of 2023.
---	---
•	FFO per diluted share of $0.28 versus $0.21 for the fourth quarter of 2023.
•	Core FFO per diluted share was $0.28 versus $0.24 for the fourth quarter of 2023.
---	---
•	EBITDAre of $23.0 million versus $21.0 million for the fourth quarter of 2023.
---	---
•	Same-Store Net Operating Income (“NOI”) grew 5.8% to $25.0 million versus $23.7 million for the fourth quarter of 2023.
---	---
•	Net Effective Annual Base Rental Revenue per leased square foot was up 5% to $24.51, compared to the prior year quarter.
---	---

Full Year 2024 Operating and Financial Results

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

•	Revenues of $154.3 million versus $147.0 million for 2023.
•	Net Income attributable to common shareholders of $36.9 million, or $0.72 per diluted share, inclusive of a $0.43 per diluted share gain on sale of properties, versus $19.2 million, or $0.38 per diluted share, inclusive of a $0.18 per diluted share gain on sale of properties for 2023.
---	---
•	Funds from Operations (“FFO”) per diluted share of $0.98 versus $0.88 for 2023.
---	---
•	Core FFO per diluted share of $1.01 versus $0.91 for 2023.
---	---
•	EBITDAre of $85.3 million versus $81.0 million for 2023.
---	---
•	Same-Store Net Operating Income (“NOI”) grew 5.1% to $94.6 versus $90.1 million for 2023.
---	---

Operating Results

For the three month periods ending December 31, 2024 and 2023, the Company’s operating highlights were as follows:


Occupancy:
Wholly Owned Properties – All	94.1%	94.2%
>10,000 Sq Ft Occupancy	97.4%	97.5%
≤ 10,000 Sq Ft Occupancy	92.1%	92.1%
Same Store Property Net Operating Income Change ^(1)^	5.8%	2.4%
Rental Rate Growth - Total (GAAP Basis):	21.9%	21.8%
New Leases	36.1%	37.3%
Renewal Leases	19.0%	15.3%
Leasing Transactions:
Number of New Leases	29	44
New Leases - Lease Term Revenue (millions)	40.6	$26.7
Number of Renewal Leases	50	32
Renewal Leases - Lease Term Revenue (millions)	15.9	$23.6

All values are in US Dollars.

Table of Contents

Balance Sheet and Debt Metrics

•	As of December 31, 2024, Whitestone had total debt of $632.5 million, along with capacity and availability of $125.0 million each under its $250 million revolving credit facility.
•	As of December 31, 2024, the Company has undepreciated real estate assets of $1.2 billion.
---	---

Dividend

2025 Full Year Guidance

	Initial 2025 Guidance	2024 Actual
	(unaudited, amounts in thousands except per share and percentages)
Net income attributable to Whitestone REIT	$17,135 - $19,219	$36,893
Core FFO ^(1)^	$54,158 - $56,268	$52,474
Net income attributable to Whitestone REIT per share	$0.33 - $0.37	$0.72
Core FFO per diluted share and OP Unit ^(1)^	$1.03 - $1.07	$1.01
Key Drivers:
Same store net operating income growth ^(2)^	3.0% - 4.5%	5.1%
Bad debt as a percentage of revenue	0.75% - 1.00%	0.81%
General and administrative expense	$20,800 - $22,800	$23,189
Interest expense	$32,000 - $33,000	$34,035
Ending occupancy	94.0% - 95.0%	94.1%
^(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 December 31, 2024, 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 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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Conference Call Information

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 Friday, March 18, 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):	13747760

Supplemental Financial Information

About Whitestone REIT

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Forward-Looking Statements

Non-GAAP Financial Measures

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Investor and Media Relations:

David Mordy

Director, Investor Relations

Whitestone REIT

(713) 435-2219

ir@whitestonereit.com

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Whitestone REIT and Subsidiaries
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share data)
			December 31, 2023
---	---	---	---	---	---
ASSETS
Real estate assets, at cost
Property	1,248,223		$	1,221,466
Accumulated depreciation	(246,534	)		(229,767	)
Total real estate assets	1,001,689			991,699
Investment in real estate partnership	—			31,671
Cash and cash equivalents	5,224			4,572
Restricted cash	10,146			68
Escrows and deposits	4,006			24,148
Accrued rents and accounts receivable, net of allowance for doubtful accounts (1)	33,820			30,592
Receivable from partnership redemption	31,643			—
Receivable due from related party	15,186			1,513
Unamortized lease commissions, legal fees and loan costs	14,693			13,783
Prepaid expenses and other assets(2)	7,805			4,765
Finance lease right-of-use assets	10,427			10,428
Total assets	1,134,639		$	1,113,239
LIABILITIES AND EQUITY
Liabilities:
Notes payable	631,518		$	640,172
Accounts payable and accrued expenses(3)	40,703			36,513
Payable due to related party	1,577			1,577
Tenants' security deposits	9,295			8,614
Dividends and distributions payable	6,931			6,025
Finance lease liabilities	781			721
Total liabilities	690,805			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 December 31, 2024 and December 31, 2023	—			—
Common shares, 0.001 par value per share; 400,000,000 shares authorized; 50,690,163 and 49,610,831 issued and outstanding as of December 31, 2024 and December 31, 2023, respectively	51			50
Additional paid-in capital	637,946			628,079
Accumulated deficit	(205,557	)		(216,963	)
Accumulated other comprehensive income	5,713			2,576
Total Whitestone REIT shareholders' equity	438,153			413,742
Noncontrolling interest in subsidiary	5,681			5,875
Total equity	443,834			419,617
Total liabilities and equity	1,134,639		$	1,113,239

All values are in US Dollars.

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Whitestone REIT and Subsidiaries
CONSOLIDATED BALANCE SHEETS
(in thousands)
	December 31, 2024			December 31, 2023
---	---	---	---	---	---	---
^(1)^ Accrued rents and accounts receivable, net of allowance for doubtful accounts
Tenant receivables	$	17,285		$	16,287
Accrued rents and other recoveries		29,964			26,751
Allowance for doubtful accounts		(14,720	)		(13,570	)
Other receivables		1,291			1,124
Total accrued rents and accounts receivable, net of allowance for doubtful accounts	$	33,820		$	30,592
^(2)^ Operating lease right of use assets (net)	$	59		$	109
^(3)^ Operating lease liabilities	$	58		$	112

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Whitestone REIT and Subsidiaries
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(in thousands)
	Three Months Ended December 31,						Year Ended December 31,
---	---	---	---	---	---	---	---	---	---	---	---	---
	2024			2023			2024			2023
Revenues			****			****			****			****
Rental^(1)^	$	38,932		$	37,247		$	151,260		$	145,652
Management, transaction, and other fees		1,906			277			3,022			1,317
Total revenues		40,838			37,524			154,282			146,969
Operating expenses			****			****			****			****
Depreciation and amortization		8,652			8,428			34,894			32,966
Operating and maintenance		7,538			8,101			28,205			27,948
Real estate taxes		4,785			3,848			17,773			18,016
General and administrative		5,579			5,002			23,189			20,653
Total operating expenses		26,554			25,379			104,061			99,583
Other expenses (income)			****			****			****			****
Interest expense		8,222			8,303			34,035			32,866
(Gain) loss on sale of properties		(11,913	)		620			(22,125	)		(9,006	)
Loss on disposal of assets, net		364			22			547			522
Interest, dividend and other investment income		(72	)		(2	)		(87	)		(51	)
Total other expenses		(3,399	)		8,943			12,370			24,331
Income before equity investment in real estate partnership and income tax		17,683			3,202			37,851			23,055
Deficit in earnings of real estate partnership		—			(1,528	)		(28	)		(3,155	)
Provision for income tax		(123	)		(111	)		(450	)		(450	)
Net Income		17,560			1,563			37,373			19,450
Less: Net income attributable to noncontrolling interests		223			22			480			270
Net income attributable to Whitestone REIT	$	17,337		$	1,541		$	36,893		$	19,180

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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 December 31,					Year Ended December 31,
---	---	---	---	---	---	---	---	---	---	---
	2024		2023			2024		2023
Basic Earnings Per Share:					****					****
Net income attributable to common shareholders, excluding amounts attributable to unvested restricted shares	$	0.34	$	0.03		$	0.73	$	0.39
Diluted Earnings Per Share:					****					****
Net income attributable to common shareholders, excluding amounts attributable to unvested restricted shares	$	0.33	$	0.03		$	0.72	$	0.38
Weighted average number of common shares outstanding:					****					****
Basic		50,650		49,586			50,214		49,501
Diluted		51,859		51,064			51,347		50,813
Consolidated Statements of Comprehensive Income (Loss)					****					****
Net income	$	17,560	$	1,563		$	37,373	$	19,450
Other comprehensive income (loss)					****					****
Unrealized gain (loss) on cash flow hedging activities		6,474		(10,054	)		3,178		(3,452	)
Comprehensive income (loss)		24,034		(8,491	)		40,551		15,998
Less: Net income attributable to noncontrolling interests		223		22			480		270
Less: Comprehensive income (loss) attributable to noncontrolling interests		82		(139	)		41		(48	)
Comprehensive income (loss) attributable to Whitestone REIT	$	23,729	$	(8,374	)	$	40,030	$	15,776

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Whitestone REIT and Subsidiaries
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(in thousands)
	Three Months Ended December 31,						Year Ended December 31,
---	---	---	---	---	---	---	---	---	---	---	---	---
	2024			2023			2024			2023
^(1)^ Rental
Rental revenues	$	27,580		$	26,714		$	108,930		$	105,494
Recoveries		11,549			10,538			43,558			41,109
Bad debt		(197	)		(5	)		(1,228	)		(951	)
Total rental	$	38,932		$	37,247		$	151,260		$	145,652

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Whitestone REIT and Subsidiaries<br><br> <br>CONSOLIDATED STATEMENTS OF CASH FLOWS<br><br> <br>(in thousands)
	Year Ended December 31,
---	---	---	---	---	---	---
	2024			2023
Cash flows from operating activities:			****			****
Net income	$	37,373		$	19,450
Adjustments to reconcile net income to net cash provided by operating activities:			****			****
Depreciation and amortization		34,894			32,966
Amortization of deferred loan costs		1,106			1,089
Gain on sale of properties		(22,125	)		(9,006	)
Loss on disposal of assets		547			522
Bad debt		1,229			951
Share-based compensation		4,579			3,727
Deficit in earnings of real estate partnership		28			3,155
Amortization of right-of-use assets - finance leases		87			94
Building improvements received due to lease termination		(749	)		—
Changes in operating assets and liabilities:
Escrows and deposits		6,509			2,312
Accrued rents and accounts receivable		(4,415	)		(5,973	)
Receivable due from related party		(40	)		(136	)
Unamortized lease commissions, legal fees and loan costs		(3,536	)		(4,592	)
Prepaid expenses and other assets		2,279			2,484
Accounts payable and accrued expenses		(220	)		355
Payable due to related party		—			16
Tenants' security deposits		681			186
Net cash provided by operating activities		58,227			47,600
Cash flows from investing activities:			****			****
Acquisitions of real estate		(55,751	)		(25,474	)
Additions to real estate		(22,410	)		(17,055	)
Proceeds from sales of properties		52,004			19,847
Proceeds from the sale of property held in restricted cash (1031 exchange)		10,146			—
Escrowed loan repayment on behalf of real estate partnership		—			(13,633	)
Net cash used in investing activities		(16,011	)		(36,315	)
Cash flows from financing activities:			****			****
Distributions paid to common shareholders		(24,572	)		(23,684	)
Distributions paid to OP unit holders		(321	)		(332	)
Proceeds from issuance of common shares, net of offering costs		7,620			—
Payments of exchange offer costs		(81	)		—
Proceeds from (payments of) credit facility		(21,000	)		42,500
Repayments of notes payable		(66,016	)		(30,945	)
Proceeds from notes payable		76,340			—
Payments of loan origination costs		(789	)		—
Repurchase of common shares		(2,641	)		(525	)
Payment of finance lease liability		(26	)		(14	)
Net cash used in financing activities		(31,486	)		(13,000	)
Net increase (decrease) in cash, cash equivalents and restricted cash		10,730			(1,715	)
Cash, cash equivalents and restricted cash at beginning of period		4,640			6,355
Cash, cash equivalents and restricted cash at end of period (1)	$	15,370		$	4,640
^(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)
	Year Ended December 31,
---	---	---	---	---	---
	2024		2023
Supplemental disclosure of cash flow information:					****
Cash paid for interest	$	33,663	$	31,136
Cash paid for taxes	$	432	$	435
Non cash investing and financing activities:					****
Disposal of fully depreciated real estate	$	58	$	976
Financed insurance premiums	$	2,638	$	3,002
Value of shares issued under dividend reinvestment plan	$	36	$	75
Value of common shares exchanged for OP units	$	355	$	17
Change in fair value of cash flow hedge	$	3,178	$	(3,452	)
Accrued capital expenditures	$	2,062	$	—
Receivable from partnership redemption	$	31,643	$	—
Recognition of finance lease liability	$	86	$	—
Building improvements received due to lease termination	$	749	$	—
	December 31,
---	---	---	---	---
	2024		2023
Cash, cash equivalents and restricted cash
Cash and cash equivalents	$	5,224	$	4,572
Restricted cash		10,146		68
Total cash, cash equivalents and restricted cash	$	15,370	$	4,640

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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 December 31,					Year Ended December 31,
---	---	---	---	---	---	---	---	---	---	---	---
	2024			2023		2024			2023
FFO (NAREIT) AND CORE FFO			****					****			****
Net income attributable to Whitestone REIT	$	17,337		$	1,541	$	36,893		$	19,180
Adjustments to reconcile to FFO:^(1)^
Depreciation and amortization of real estate assets		8,642			8,394		34,811			32,811
Depreciation and amortization of real estate assets of real estate partnership (pro rata) ^(2)^		—			404		111			1,613
Loss on disposal of assets		364			22		547			522
(Gain) loss on sale of properties		(11,913	)		620		(22,125	)		(9,006	)
Net income attributable to noncontrolling interests		223			22		480			270
FFO (NAREIT)	$	14,653		$	11,003	$	50,717		$	45,390
Adjustments to reconcile to Core FFO:
Proxy contest costs		—			—		1,757			—
Default interest on debt of real estate partnership ^(1)(2)^		—			1,375		—			1,375
Core FFO	$	14,653		$	12,378	$	52,474		$	46,765
FFO PER SHARE AND OP UNIT CALCULATION			****					****			****
Numerator:
FFO	$	14,653		$	11,003	$	50,717		$	45,390
Core FFO	$	14,653		$	12,378	$	52,474		$	46,765
Denominator:
Weighted average number of total common shares - basic		50,650			49,586		50,214			49,501
Weighted average number of total noncontrolling OP units - basic		649			693		653			694
Weighted average number of total common shares and noncontrolling OP units - basic		51,299			50,279		50,867			50,195
Effect of dilutive securities:
Unvested restricted shares		1,209			1,478		1,133			1,312
Weighted average number of total common shares and noncontrolling OP units - diluted		52,508			51,757		52,000			51,507
FFO per common share and OP unit - basic	$	0.29		$	0.22	$	1.00		$	0.90
FFO per common share and OP unit - diluted	$	0.28		$	0.21	$	0.98		$	0.88
Core FFO per common share and OP unit - basic	$	0.29		$	0.25	$	1.03		$	0.93
Core FFO per common share and OP unit - diluted	$	0.28		$	0.24	$	1.01		$	0.91
^(1)^	Includes pro-rata share attributable to real estate partnership for the year ended December 31, 2023 and through January 25, 2024, the redemption date.
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^(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 periods ended December 31, 2024 and 2023 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.
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Whitestone REIT and Subsidiaries
RECONCILIATION OF NON-GAAP MEASURES
(continued)
(in thousands)
	Three Months Ended December 31,						Year Ended December 31,
---	---	---	---	---	---	---	---	---	---	---	---	---
	2024			2023			2024			2023
PROPERTY NET OPERATING INCOME			****			****			****			****
Net income attributable to Whitestone REIT	$	17,337		$	1,541		$	36,893		$	19,180
General and administrative expenses		5,579			5,002			23,189			20,653
Depreciation and amortization		8,652			8,428			34,894			32,966
Deficit in earnings of real estate partnership ^(1)^		—			1,528			28			3,155
Interest expense		8,222			8,303			34,035			32,866
Interest, dividend and other investment income		(72	)		(2	)		(87	)		(51	)
Provision for income taxes		123			111			450			450
(Gain) loss on sale of properties		(11,913	)		620			(22,125	)		(9,006	)
Management fee, net of related expenses		—			—			—			16
Loss on disposal of assets, net		364			22			547			522
NOI of real estate partnership (pro rata)^(1)^		—			670			183			2,553
Net income attributable to noncontrolling interests		223			22			480			270
NOI	$	28,515		$	26,245		$	108,487		$	103,574
Non-Same Store NOI ^(2)^		(1,183	)		(1,321	)		(8,001	)		(6,863	)
NOI of real estate partnership (pro rata) ^(1)^		—			(670	)		(183	)		(2,553	)
NOI less Non-Same Store NOI and NOI of real estate partnership (pro rata)		27,332			24,254			100,303			94,158
Same Store straight-line rent adjustments		(470	)		(274	)		(2,981	)		(2,602	)
Same Store amortization of above/below market rents		(158	)		(211	)		(748	)		(808	)
Same Store lease termination fees		(1,662	)		(98	)		(1,961	)		(687	)
Same Store NOI ^(3)^	$	25,042		$	23,671		$	94,613		$	90,061
^(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 as of and for the years ended December 31, 2024 and 2023 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 notice of redemption for substantially all of our investment in Pillarstone OP. As of December 31, 2024, our ownership in Pillarstone OP 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 December 31, 2024 to the three months ended December 31, 2023, Non-Same Store includes properties acquired between October 1, 2023 and December 31, 2024, and properties sold between October 1, 2023 and December 31, 2024, but not included in discontinued operations. For purposes of comparing the twelve months ended December 31, 2024 to the twelve months ended December 31, 2023, Non-Same Store includes properties acquired between January 1, 2023 and December 31, 2024 and properties sold between January 1, 2023 and December 31, 2024, 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 December 31, 2024 to the three months ended December 31, 2023, Same Store includes properties owned before October 1, 2023 and not sold before December 31, 2024. For purposes of comparing the twelve months ended December 31, 2024 to the twelve months ended December 31, 2023, Same Store includes properties owned before January 1, 2023 and not sold before December 31, 2024. 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 December 31,					Year Ended December 31,
---	---	---	---	---	---	---	---	---	---	---	---
	2024			2023		2024			2023
EARNINGS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTIZATION FOR REAL ESTATE (EBITDAre)								****			****
Net income attributable to Whitestone REIT	$	17,337		$	1,541	$	36,893		$	19,180
Depreciation and amortization		8,652			8,428		34,894			32,966
Interest expense		8,222			8,303		34,035			32,866
Provision for income taxes		123			111		450			450
Net income attributable to noncontrolling interests		223			22		480			270
Deficit in earnings of real estate partnership ^(1)^		—			1,528		28			3,155
EBITDAre adjustments for real estate partnership ^(1)^		—			448		136			617
(Gain) loss on sale of properties		(11,913	)		620		(22,125	)		(9,006	)
Loss on disposal of assets		364			22		547			522
EBITDAre	$	23,008		$	21,023	$	85,338		$	81,020
^(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 and twelve months ended December 31, 2024 and 2023 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 notice of redemption for substantially all of our investment in Pillarstone OP. As of December 31, 2024, our ownership in Pillarstone OP 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 December 31,						Increase			% Increase
---	---	---	---	---	---	---	---	---	---	---	---	---
	2024			2023			(Decrease)			(Decrease)
Same Store (48 properties excluding development land)			****			****			****			****
Property revenues			****			****			****			****
Rental	$	37,469		$	35,329		$	2,140			6	%
Management, transaction and other fees		1,883			272			1,611			592	%
Total property revenues		39,352			35,601			3,751			11	%
Property expenses			****			****			****			****
Property operation and maintenance		7,401			7,633			(232	)		(3	)%
Real estate taxes		4,619			3,714			905			24	%
Total property expenses		12,020			11,347			673			6	%
Total property revenues less total property expenses		27,332			24,254			3,078			13	%
Same Store straight-line rent adjustments		(470	)		(274	)		(196	)		72	%
Same Store amortization of above/below market rents		(158	)		(211	)		53			(25	)%
Same Store lease termination fees		(1,662	)		(98	)		(1,564	)		1596	%
Same Store NOI ^(1)^	$	25,042		$	23,671		$	1,371			6	%
^(1)^	For a reconciliation of Same Store NOI, see previous section “Reconciliation of Non-GAAP Measures.”
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Whitestone REIT and Subsidiaries
SAME STORE PROPERTY ANALYSIS
(in thousands)
	Year Ended December 31,						Increase			% Increase
---	---	---	---	---	---	---	---	---	---	---
	2024			2023			(Decrease)			(Decrease)
Same Store (46 properties excluding development land)			****			****			****
Property revenues			****			****			****
Rental	$	141,229		$	135,961		$	5,268		4%
Management, transaction and other fees		2,740			1,286			1,454		113%
Total property revenues		143,969			137,247			6,722		5%
Property expenses			****			****			****
Property operation and maintenance		26,725			25,948			777		3%
Real estate taxes		16,941			17,141			(200	)	(1)%
Total property expenses		43,666			43,089			577		1%
Total property revenues less total property expenses		100,303			94,158			6,145		7%
Same Store straight-line rent adjustments		(2,981	)		(2,602	)		(379	)	15%
Same Store amortization of above/below market rents		(748	)		(808	)		60		(7)%
Same Store lease termination fees		(1,961	)		(687	)		(1,274	)	185%
Same Store NOI ^(1)^	$	94,613		$	90,061		$	4,552		5%
^(1)^	For a reconciliation of Same Store NOI, see previous section “Reconciliation of Non-GAAP Measures.”
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Table of Contents

Whitestone REIT and Subsidiaries
OTHER FINANCIAL INFORMATION
(in thousands, except number of properties and employees)
	Three Months Ended				Year Ended
---	---	---	---	---	---	---	---	---
	December 31,				December 31,
	2024		2023		2024		2023
Other Financial Information:
Tenant improvements ^(1)^ ^(2)^	$	1,821	$	642	$	4,886	$	3,135
Leasing commissions ^(1) (2)^	$	1,511	$	1,858	$	3,653	$	3,540
Maintenance capital ^(1)^	$	4,150	$	1,523	$	9,112	$	6,665
Scheduled debt principal payments ^(1)^	$	94	$	368	$	904	$	1,672
Scheduled bond principal payment ^(3)^	$	—	$	—	$	7,143	$	7,143
Straight-line rent income ^(1)^	$	601	$	199	$	3,243	$	2,099
Market rent amortization income from acquired leases ^(1)^	$	242	$	222	$	1,103	$	873
Non-cash share-based compensation expense ^(1)^	$	1,474	$	1,023	$	4,579	$	3,735
Non-real estate depreciation and amortization ^(1)^	$	10	$	34	$	83	$	155
Amortization of loan fees ^(1)^	$	283	$	275	$	1,108	$	1,112
Undepreciated value of unencumbered properties	$	993,191	$	971,199	$	993,191	$	971,199
Number of unencumbered properties		51		50		51		50
Full time employees		72		79		72		79
^(1)^	Includes pro-rata share attributable to real estate partnership through December 31, 2023 and 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 will commence in March 2025.
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Table of Contents

Whitestone REIT and Subsidiaries
MARKET CAPITALIZATION AND SELECTED RATIOS
(in thousands, except per share amounts and percentages)
	As of December 31, 2024
---	---	---	---	---	---	---	---	---	---
MARKET CAPITALIZATION:	Percent of Total Equity			Total Market Capitalization			Percent of Total Market Capitalization
Equity Capitalization:			****			****			****
Common shares outstanding		98.7	%		50,690
Operating partnership units outstanding		1.3	%		650
Total		100.0	%		51,340
Market price of common shares as of December 31, 2024				$	14.17
Total equity capitalization				$	727,488			55	%
Debt Capitalization:			****			****			****
Outstanding debt				$	632,483
Less: Cash and cash equivalents					(5,224	)
Less: Restricted cash					(10,146	)
Less: Receivable due to real estate partnership debt default					(13,633	)
Total debt capitalization					603,480			45	%
Total Market Capitalization as of December 31, 2024				$	1,330,968			100	%
SELECTED RATIOS:
---
	Three Months Ended						Year Ended
---	---	---	---	---	---	---	---	---	---	---	---	---
INTEREST COVERAGE RATIO	December 31,						December 31,
	2024			2023			2024			2023
EBITDAre/Interest Expense			****			****			****			****
EBITDAre ^(1)^	$	23,008		$	21,023		$	85,338		$	81,020
Interest expense		8,222			8,303			34,035			32,866
Pro rata share of interest expense from real estate partnership^(2)^		—			1,534			43			2,010
Less: amortization of loan fees, including pro rata share from real estate partnership ^(2)^		(283	)		(275	)		(1,108	)		(1,112	)
Interest expense, excluding amortization of loan fees		7,939			9,562			32,970			33,764
Ratio of EBITDAre to interest expense		2.9			2.2			2.6			2.4
^(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 statements as of December 31, 2024 and 2023 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.
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Table of Contents

Whitestone REIT and Subsidiaries
MARKET CAPITALIZATION AND SELECTED RATIOS
(continued)
(in thousands, except per share amounts and percentages)
LEVERAGE RATIO	As of December 31,
---	---	---	---	---	---	---
	2024			2023
Debt/Undepreciated Book Value			****			****
Outstanding debt, net of insurance financing	$	632,054		$	640,549
Less: Cash		(5,224	)		(4,572	)
Less: Restricted cash		(10,146	)		—
Less: Receivable due to real estate partnership debt default		(13,633	)		(13,633	)
Add: Proportional share of net debt of real estate partnership ^(1)^		—			8,685
Total Net Debt	$	603,051		$	631,029
Undepreciated real estate assets	$	1,248,223		$	1,221,466
Add: Proportional share of real estate from unconsolidated partnership ^(1)^		—			45,218
Undepreciated real estate assets	$	1,248,223		$	1,266,684
Ratio of debt to real estate assets		48	%		50	%
^(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 as of December 31, 2024 and 2023 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.
---	---
	Three Months Ended						Year Ended
---	---	---	---	---	---	---	---	---	---	---	---	---
	December 31,						December 31,
	2024			2023			2024			2023
Debt/EBITDAre Ratio			****			****			****			****
Outstanding debt, net of insurance financing	$	632,054		$	640,549		$	632,054		$	640,549
Less: Cash		(5,224	)		(4,572	)		(5,224	)		(4,572	)
Less: Restricted cash		(10,146	)		—			(10,146	)		—
Less: Receivable due to real estate partnership debt default		(13,633	)		(13,633	)		(13,633	)		(13,633	)
Add: Proportional share of net debt of unconsolidated real estate partnership ^(1)^		—			8,685			—			8,685
Total Net Debt	$	603,051		$	631,029		$	603,051		$	631,029
EBITDAre	$	23,008		$	21,023		$	85,338		$	81,020
Effect of partial period acquisitions and dispositions	$	(6	)	$	(99	)	$	(659	)	$	(469	)
Pro forma EBITDAre	$	23,002		$	20,924		$	84,679		$	80,551
Annualized pro forma EBITDAre	$	92,008		$	83,696		$	84,679		$	80,551
Ratio of debt to pro forma EBITDAre		6.6			7.5			7.1			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 as of December 31, 2024 and 2023 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.
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Table of Contents

Whitestone REIT and Subsidiaries
SUMMARY OF OUTSTANDING DEBT AND DEBT MATURITIES
TOTAL OUTSTANDING DEBT
(in thousands)
Description			December 31, 2023
---	---	---	---	---	---
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			—
80.0 million, 3.72% Note, due June 1, 2027	80,000			80,000
19.0 million, 4.15% Note, due December 1, 2024	—			17,658
14.0 million, 4.34% Note, due September 11, 2024	—			12,427
14.3 million, 4.34% Note, due September 11, 2024	—			13,257
15.1 million, 4.99% Note, due January 6, 2024	—			13,350
50.0 million, 5.09% Note, due March 22, 2029 (Series A)	35,714			42,857
50.0 million, 5.17% Note, due March 22, 2029 (Series B)	50,000			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			—
Floating rate notes		****			****
Unsecured line of credit, SOFR plus 1.50% to 2.10%, due September 16, 2026	75,000			96,000
Total notes payable principal	632,483			640,549
Less deferred financing costs, net of accumulated amortization	(965	)		(377	)
Total notes payable	631,518		$	640,172

All values are in US Dollars.

^(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 DECEMBER 31 , 2024
---
(in thousands)
Year	Amount Due
---	---	---
2025	$	17,572
2026		142,143
2027		97,414
2028		302,823
2029		17,867
Thereafter		54,664
Total	$	632,483

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		2,268		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 2040
Newmark Real Estate of Houston LLC	Houston		1,337		1.2	%	10/1/2015		2026
Soul Concepts, LLC ^(4)^	Phoenix		778		0.8	%	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
Walgreens & Co. ^(5)^	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 ^(6)^	Houston and Phoenix		679		0.6	%	6/29/2001, 11/8/2009, 8/8/2018, 8/10/1999, and 04/05/2024		2026, 2027, 2028, 2030 and 2035
Total Wine	Houston		564		0.5	%	11/27/2018		2029
Starbucks Corporation ^(7)^	Dallas and Phoenix		491		0.4	%	8/8/2016, 5/29/2003, 7/1/1997, 7/14/2004, 7/8/1999 and 10/15/2001		2027, 2028, 2028, 2029, 2025, 2034
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		458		0.4	%	5/23/2014		2026
Original Ninfas LP	Houston		437		0.4	%	8/29/2018		2029
		$	15,722		14.2	%
^(1)^	Annualized Base Rental Revenues represents the monthly base rent as of December 31, 2024 for each applicable tenant multiplied by 12.
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Table of Contents

^(2)^	As of December 31, 2024, 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 $353,000, 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 December 31, 2024, 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 2040, was $828,000, which represents approximately 0.8% of our total annualized base rental revenue.
---	---
^(4)^	As of December 31, 2024, 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 $269,000, 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 $151,000, 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 $152,000, 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 $136,000, 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.
---	---
^(5)^	As of December 31, 2024, 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 14, 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.
---	---
^(6)^	As of December 31, 2024, 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 $88,000, 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.
---	---
^(7)^	As of December 31, 2024, we had six leases with the same tenant occupying space at properties in Dallas and Phoenix. 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.
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Table of Contents

Whitestone REIT and Subsidiaries
TENANT TYPE SUMMARY
As of December 31, 2024
	% of Leased SF			% of ABR
---	---	---	---	---	---	---
Restaurants & Food Service		20	%		27	%
Salons		7	%		9	%
Medical & Dental		7	%		8	%
Grocery		12	%		7	%
Financial Services		5	%		7	%
Fitness		7	%		5	%
Apparel		5	%		5	%
General Retail		8	%		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		1	%		2	%
Entertainment		3	%		2	%
Pharmacies & Nutritional Supplies		2	%		2	%
Sporting Goods		1	%		1	%
Wireless		1	%		1	%
Automotive Supply & Services		1	%		1	%
Postal Services		1	%		1	%
Total		100	%		100	%

Table of Contents

Whitestone REIT and Subsidiaries
SUMMARY OF LEASING ACTIVITY
	Three Months Ended				Year Ended
---	---	---	---	---	---	---	---	---
	December 31,				December 31,
	2024		2023		2024		2023
RENEWALS
Number of Leases		50		32		189		180
Total Square Feet ^(1)^		167,112		142,807		722,063		689,598
Average Square Feet		3,342		4,463		3,820		3,831
Total Lease Value	$	15,909,000	$	23,621,000	$	62,572,000	$	62,853,000
NEW LEASES
Number of Leases		29		44		109		119
Total Square Feet ^(1)^		123,582		116,183		304,326		287,169
Average Square Feet		4,261		2,641		2,792		2,413
Total Lease Value	$	40,643,000	$	26,659,000	$	72,203,000	$	56,021,000
TOTAL LEASES
Number of Leases		79		76		298		299
Total Square Feet ^(1)^		290,694		258,990		1,026,389		976,767
Average Square Feet		3,680		3,408		3,444		3,267
Total Lease Value	$	56,552,000	$	50,280,000	$	134,775,000	$	118,874,000
^(1)^	Represents the square footage as the result of new, renewal, expansion and contraction leases.
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Table of Contents

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:																					****					****
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	%
1st Quarter 2024		55		13,968,575		160,060		3.5		413,207		2.58		23.06		21.10		313,789		9.3	%		524,498		17.0	%
Total - 12 months		226	$	82,133,128		785,606		4.2	$	2,664,052	$	3.39	$	22.73	$	20.89	$	1,446,563		8.8	%	$	3,095,675		20.3	%
Comparable New Leases:																					****					****
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	%
1st Quarter 2024		10		3,571,923		26,237		3.6		308,032		11.74		25.81		20.33		143,967		27.0	%		144,868		25.9	%
Total - 12 months		47	$	22,017,961		96,267		5.6	$	1,970,299	$	20.47	$	33.64	$	29.47	$	401,069		14.1	%	$	804,844		30.1	%
Comparable Renewal Leases:																					****					****
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	%
1st Quarter 2024		45		10,396,652		133,823		3.5		105,175		0.79		22.52		21.25		169,822		6.0	%		379,630		15.0	%
Total - 12 months		179	$	60,115,168		689,339		4.1	$	693,753	$	1.01	$	21.21	$	19.69	$	1,045,494		7.7	%	$	2,290,831		18.3	%

Table of Contents

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)
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Total:
New & Renewal
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
1st Quarter 2024		70		18,509,292		192,349		3.70		844,007		4.39		23.17
Total - 12 months		298	$	134,775,074		1,026,389		5.2	$	12,651,348	$	12.33	$	26.21
New
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
1st Quarter 2024		24		7,832,752		54,753		4.30		735,334		13.43		24.70
Total - 12 months		109	$	72,203,455		304,326		8.0	$	11,927,995	$	39.19	$	37.71
Renewal
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
1st Quarter 2024		46		10,676,540		137,596		3.50		108,673		0.79		22.56
Total - 12 months		189	$	62,571,619		722,063		4.0	$	723,353	$	1.00	$	21.37
^(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.
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^(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.

Table of Contents

Whitestone REIT and Subsidiaries
LEASE EXPIRATIONS ^(1)^
							****	Annualized Base Rent^(2)^
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			Gross Leasable Area					as of December 31, 2024
Year	Number of Leases		Square Feet		Percent of Gross Leasable Area			Amount (in thousands)		Percent of Total			Per Square Foot
2025		463		750,523		15.4	%	$	17,715		16.1	%	$	23.60
2026		194		653,031		13.4	%		14,321		13.0	%		21.93
2027		202		649,649		13.4	%		16,031		14.6	%		24.68
2028		169		566,053		11.6	%		14,133		12.9	%		24.97
2029		160		628,572		12.9	%		15,262		13.9	%		24.28
2030		92		390,087		8.0	%		8,664		7.9	%		22.21
2031		34		150,952		3.1	%		4,334		3.9	%		28.71
2032		36		179,518		3.7	%		4,538		4.1	%		25.28
2033		20		103,729		2.1	%		2,521		2.3	%		24.31
2034		32		208,084		4.3	%		4,579		4.2	%		22.00
Total		1,402		4,280,198		87.9	%	$	102,098		92.9	%	$	23.85
^(1)^	Lease expirations table reflects rents in place as of December 31, 2024, and does not include option periods.
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^(2)^	Annualized Base Rent represents the monthly base rent as of December 31, 2024 for each tenant multiplied by 12.
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Table of Contents

Whitestone REIT and Subsidiaries
Property Details
As of December 31, 2024
		Year Built/	Gross Leasable		Percent Occupied at			Annualized Base Rental Revenue		Average Base Rental Revenue Per		Average Net Effective Annual Base Rent Per Leased
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Community Name	Location	Renovated	Square Feet		12/31/2024			(in thousands) (1)		Sq. Ft. (2)		Sq. Ft.(3)
Whitestone Properties:							****
Ahwatukee Plaza	Phoenix	1979		72,650		87	%	$	863	$	13.65	$	15.71
Anderson Arbor	Austin	2001		89,746		93	%		2,026		24.27		24.68
Anthem Marketplace	Phoenix	2000		113,293		97	%		1,773		16.13		16.08
Anthem Marketplace Phase II	Phoenix	2019		6,853		100	%		255		37.21		33.85
Arcadia Towne Center	Phoenix	1966		69,503		100	%		1,782		25.64		26.88
BLVD Place	Houston	2014		216,944		100	%		9,993		46.06		46.41
The Citadel	Phoenix	2013		28,547		95	%		628		23.16		21.31
City View Village	San Antonio	2005		17,870		90	%		550		34.20		33.95
Dana Park Pad	Phoenix	2002		12,000		100	%		335		27.92		29.00
Davenport Village	Austin	1999		128,934		96	%		3,702		29.91		29.42
Eldorado Plaza	Dallas	2004		219,287		99	%		3,745		17.25		17.48
Fountain Square	Phoenix	1986		118,209		88	%		1,999		19.22		19.08
Fulton Ranch Towne Center	Phoenix	2005		120,575		94	%		2,373		20.94		21.50
Garden Oaks Shopping Center	Houston	1954		106,858		96	%		1,806		17.61		18.13
Gilbert Tuscany Village	Phoenix	2009		49,415		100	%		1,076		21.77		22.10
Heritage	Dallas	2006		70,431		86	%		1,657		27.36		26.56
HQ Village	Dallas	2009		89,134		93	%		2,684		32.38		31.04
Keller Place	Dallas	2001		93,541		95	%		1,139		12.82		12.69
Kempwood Plaza	Houston	1974		91,302		95	%		1,397		16.11		15.58
La Mirada	Phoenix	1997		147,209		99	%		3,858		26.47		27.53
Lake Woodlands Crossing	Houston	2018		60,246		94	%		1,900		33.55		33.96
Lakeside Market	Dallas	2000		164,899		95	%		4,582		29.25		30.62
Las Colinas	Dallas	2000		104,919		98	%		3,137		30.51		30.67
Lion Square	Houston	1980		117,592		93	%		2,086		19.07		19.60
The MarketPlace at Central	Phoenix	2012		111,130		99	%		1,201		10.92		11.13
Market Street at DC Ranch	Phoenix	2003		244,888		96	%		6,400		27.22		28.34
Paradise Plaza	Phoenix	1983		125,898		90	%		1,867		16.48		17.00
Parkside Village North	Austin	2005		27,045		100	%		940		34.76		35.27
Parkside Village South	Austin	2012		90,101		100	%		2,703		30.00		31.92
Pinnacle of Scottsdale	Phoenix	1991		113,108		98	%		2,772		25.01		25.58
Pinnacle Phase II	Phoenix	2017		27,063		100	%		857		31.67		32.63
The Promenade at Fulton Ranch	Phoenix	2007		98,792		93	%		1,473		16.03		17.97
Quinlan Crossing	Austin	2012		109,892		97	%		2,831		26.56		27.06
Scottsdale Commons	Phoenix	1980		69,482		93	%		1,733		26.82		28.57
Seville	Phoenix	1990		90,042		90	%		2,935		36.22		37.11
Shaver	Houston	1978		21,926		100	%		395		18.02		17.83
Shops at Pecos Ranch	Phoenix	2009		78,767		97	%		2,087		27.32		26.69
Shops at Starwood	Dallas	2006		55,385		100	%		1,961		35.41		34.96
The Shops at Williams Trace	Houston	1985		132,991		98	%		2,418		18.55		18.61
Starwood Phase II	Dallas	2016		35,351		97	%		1,360		39.66		39.78
The Strand at Huebner Oaks	San Antonio	2000		73,920		100	%		2,004		27.11		29.00
SugarPark Plaza	Houston	1974		95,032		100	%		1,525		16.05		15.26
Sunset at Pinnacle Peak	Phoenix	2000		41,530		100	%		1,143		27.52		25.23
Terravita Marketplace	Phoenix	1997		102,733		99	%		1,615		15.88		15.64
Town Park	Houston	1978		43,526		93	%		1,060		26.19		26.19
Village Shops at Dana Park	Phoenix	2002		10,128		100	%		354		34.95		21.43
Village Square at Dana Park	Phoenix	2009		323,026		87	%		6,816		24.25		25.96

Table of Contents

Whitestone REIT and Subsidiaries
Property Details
As of December 31, 2024
		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	12/31/2024			(in thousands) (1)		Sq. Ft. (2)		Sq. Ft.(3)
Williams Trace Plaza	Houston	1983	129,222		97	%		2,775		22.14		24.68
Windsor Park	San Antonio	2012	196,458		85	%		2,188		13.10		13.13
Woodlake Plaza	Houston	1974	106,169		57	%		1,110		18.34		18.09
Total/Weighted Average - Whitestone Properties			4,863,562		94	%		109,869		24.03		24.51
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		94	%	$	109,869	$	24.03	$	24.51
^(1)^	Calculated as the tenant’s actual December 31, 2024 base rent (defined as cash base rents including abatements) multiplied by 12. Excludes vacant space as of December 31, 2024. 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 December 31, 2024 equaled approximately $419,000 for the month ended December 31, 2024.
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^(2)^	Calculated as annualized base rent divided by leased square feet as of December 31, 2024.
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^(3)^	Represents (i) the contractual base rent for leases in place as of December 31, 2024, 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 December 31, 2024.
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^(4)^	As of December 31, 2024, these parcels of land were held for development and, therefore, had no gross leasable area.
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