Here are 1-3 brief analogies to describe Whitestone REIT (WSR):

1. A retail landlord similar to **Kimco Realty** or **Regency Centers**, but specializing in community-focused retail and office spaces that house local service businesses (e.g., salons, cafes, dentists).

• Commercial Real Estate Leasing: Provides leasable retail and commercial space to businesses, primarily within its community-centric shopping centers located in high-growth Sunbelt markets.

Whitestone REIT (WSR) primarily sells to other companies, which are its tenants that lease space in its community-centered retail and office properties. However, due to its diversified portfolio strategy, Whitestone REIT does not have "major customers" in the sense of a few large companies dominating its revenue. Its tenant base is highly fragmented, typically consisting of thousands of local and regional small to medium-sized businesses, with no single tenant usually accounting for more than a small percentage of its annualized base rent.

Therefore, instead of listing specific major customer companies (which do not exist in this context), the categories below describe the types of businesses that constitute Whitestone REIT's primary customers:

1. Community-Serving Retail: This category includes a wide array of businesses that cater to daily needs and local lifestyles. Examples include local restaurants and cafes, specialty food shops, dry cleaners, salons, spas, boutique shops, and other convenience-oriented service providers. These businesses often thrive on repeat local patronage.
2. Health & Wellness Services: This segment comprises medical and dental offices, optometry clinics, physical therapy centers, fitness studios, and other healthcare-related businesses. These tenants typically attract a steady flow of customers from the surrounding community and often require specialized build-outs.
3. Professional & Business Services: This category encompasses businesses providing professional services, such as financial advisors, insurance agencies, real estate offices, tutoring centers, and other general business services. These tenants often seek accessible locations within community centers to serve their local client base.

David K. Holeman, Chief Executive Officer

David K. Holeman became Whitestone REIT's Chief Executive Officer in January 2022. Prior to this, he served as the company's Chief Financial Officer since 2006, and also held the CFO role for Whitestone REIT's former management company. Before joining the commercial real estate development industry, Mr. Holeman was Vice President and Chief Financial Officer of Gexa Energy, a NASDAQ-listed retail electricity provider, from 2004 to 2006, where he was instrumental in its successful sale to NextEra in 2005. He also served as Controller and Chief Financial Officer of Houston Cellular Telephone Company/Cingular Wireless from 1994 to 2003. Earlier in his career, he was Director of Restructuring for Coram Healthcare, a NYSE-listed medical provider, and held various finance roles with H.M.S.S., a NASDAQ-listed medical provider that was acquired by Coram. Mr. Holeman began his career as an auditor at Deloitte. He is a Certified Public Accountant and holds a BBA in Accounting from Abilene Christian University.

J. Scott Hogan, Chief Financial Officer

J. Scott Hogan was appointed Chief Financial Officer of Whitestone REIT in January 2022. He joined the company in 2008 as Vice President, Controller. Before his tenure at Whitestone, Mr. Hogan served as Controller at Gexa Energy and as the SEC Reporting Manager at Stewart & Stevenson. He is a Certified Public Accountant and earned his BBA with majors in Finance and Accounting from Stephen F. Austin State University.

Christine J. Mastandrea, President & Chief Operating Officer

Christine J. Mastandrea serves as the President & Chief Operating Officer of Whitestone REIT, where she is responsible for managing the company's operational performance and strategic direction. She played a key leadership role in many of Whitestone's high-priority projects, including its IPO in 2010. Ms. Mastandrea is an adjunct professor at the Jones Graduate School of Business at Rice University and holds an MBA from the Kellogg School of Management at Northwestern University.

Peter Tropoli, General Counsel and Corporate Secretary

Peter Tropoli is Whitestone REIT's General Counsel and Corporate Secretary, overseeing the company's legal affairs. Prior to being named Whitestone's General Counsel in 2019, he served in several leadership roles at Luby's Inc., a NYSE-listed restaurant operating company, including Chief Operating Officer (2011-2018), General Counsel (2001-2011), Corporate Secretary (2006-2011), and as a member of the Board of Directors (2014-2019). Mr. Tropoli is a graduate of the University of Texas at Austin and the University of Houston Law School.

James C. Mastandrea, Chairman of the Board

James C. Mastandrea is the Chairman of the Board of Whitestone REIT. He previously served as the company's Chairman and Chief Executive Officer from 2006 until January 2022. Mr. Mastandrea has over 40 years of experience in the real estate industry and 20 years in high-level positions at publicly traded companies. He is the founder and Chief Executive Officer of MDC Realty Corporation, a privately held investment company, since 1978. He also serves as President, Chief Executive Officer, and Chairman of Pillarstone Capital REIT (OTC Bulletin Board). From 1994 to 1998, he was Chairman and Chief Executive Officer of First Union Real Estate Investments (NYSE). Mr. Mastandrea served in the U.S. Army and is a director of the Cleveland State University Foundation Board. He also lectures to MBA students at the University of Chicago and teaches as an adjunct professor at Rice University's Jones Graduate School of Business.

Whitestone REIT (WSR) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Strong Leasing Spreads and Rent Growth: Whitestone REIT has consistently achieved significant leasing spreads on both new leases and renewals, with new lease spreads reaching 22.5% and renewals at 18.6% in Q3 2025, resulting in a combined straight-line leasing spread of 19.3%. The average base rent increased by 8.2% year-over-year in Q3 2025. Management anticipates this trend of robust leasing demand and strong spreads to continue.
2. Increased Occupancy Rates: The company reported a near-record occupancy rate of 94.2% in Q3 2025, an increase of 30 basis points from Q2. Given that the fourth quarter is typically its strongest leasing period, Whitestone REIT is positioned for a strong finish to the year, which directly contributes to higher rental revenue.
3. Redevelopment Initiatives: Whitestone REIT is actively engaged in redevelopment projects at several properties, including Lion Square in Houston and Terravita in Scottsdale. These redevelopments are projected to contribute up to 1% to same-store Net Operating Income (NOI) growth, with a capital expenditure of $20 million to $30 million over the next few years, expected to deliver results by 2026.
4. Strategic Acquisitions and Dispositions (Asset Recycling): The company employs an active strategy of acquiring and disposing of properties to enhance its portfolio quality. For instance, Whitestone successfully disposed of Sugar Park Plaza after increasing its NOI by 22%, and anticipates further acquisitions and dispositions to optimize its asset base.
5. Focus on Community-Centered Retail in High-Growth Sunbelt Markets: Whitestone REIT concentrates its operations on open-air, convenience-focused retail centers in rapidly expanding Sunbelt markets such as Phoenix, Austin, Dallas-Fort Worth, Houston, and San Antonio. This strategy, emphasizing service-oriented tenants like restaurants, grocers, health and fitness centers, aligns with strong demographic trends and consumer preferences in these areas, driving foot traffic and sustained demand for their retail spaces.

Capital Allocation Decisions (Last 3-5 Years) for Whitestone REIT (WSR)

Share Repurchases

• Whitestone REIT reported common share repurchases of $2.268 million for Q3 2025 and $2.641 million year-to-date 2025.
• In Q1 2025, the company repurchased common shares amounting to approximately $1.51 million.

Share Issuance

• As of June 30, 2025, Whitestone REIT had 51,016,943 common shares issued and outstanding, an increase from 50,690,163 as of December 31, 2024.
• In Q1 2025, the company issued $25 thousand in shares under its dividend reinvestment plan and $55 thousand through the exchange of noncontrolling interest operating partnership (OP) units for common shares.

Inbound Investments

• On November 4, 2025, MCB Real Estate submitted an unsolicited, non-binding proposal to acquire all outstanding shares of Whitestone REIT for $15.20 per share in cash.
• MCB Real Estate, as of November 2025, owns 9.2% of Whitestone REIT's common stock.

Outbound Investments

• Whitestone REIT acquired the San Clemente neighborhood retail center in Austin, Texas, on May 8, 2025.
• On November 3, 2025, Whitestone REIT acquired Ashford Village, an 81,407 square-foot, grocer-anchored shopping center in Houston, marking its third acquisition in Houston since 2022.
• The company acquired the restaurant-anchored World Cup Plaza in Frisco, Texas, a 90,391 square-foot property, on November 7, 2025.

Capital Expenditures

• Whitestone REIT has forecasted a capital expenditure of $20 million to $30 million over the next couple of years for redevelopment initiatives at Lion Square in Houston and Terra Vita in Scottsdale.
• These redevelopment efforts are expected to contribute up to 1% to the company's same-store net operating income (NOI) growth, with the initiative scheduled to deliver in 2026.
• From 2020 to 2024, Whitestone utilized less capital expenditure as a percentage of NOI compared to its peers, while achieving an above-average same-store NOI growth of 3.4%.