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

• Like Simon Property Group, but focused on local, daily-needs neighborhood shopping centers.
• Federal Realty Investment Trust, but zeroed in on high-growth Sunbelt neighborhood retail.

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• Commercial Real Estate Leasing: Whitestone REIT provides rentable retail space in high-quality open-air neighborhood centers to a diverse mix of tenants.
• Property Management: The company manages its portfolio of shopping centers, ensuring their operation, maintenance, and the creation of thriving community environments.
• Real Estate Development and Redevelopment: Whitestone acquires, develops, and redevelops shopping center properties to enhance their value and expand its portfolio.

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Whitestone REIT (WSR) is a community-centered shopping center REIT. As such, its primary business involves acquiring, owning, managing, developing, and redeveloping commercial space within its open-air neighborhood centers. Therefore, WSR's major customers are the companies that lease space within its properties (its tenants).

Due to the nature of a diversified REIT, WSR leases to a broad mix of national, regional, and local tenants rather than relying on a few dominant customers. While specific names of individual major tenants are not typically listed as "major customers" in the traditional sense for a diversified REIT, the company's description highlights the types of businesses it seeks to attract to create thriving communities. Based on the services and experiences these tenants provide, WSR's customer base, consisting of "other companies," can be categorized as:

• Retailers of Daily Necessities: These are businesses that provide essential goods and services, such as grocery stores, pharmacies, and convenience stores, serving the everyday needs of the surrounding communities.
• Providers of Needed Services: This category includes a wide array of service-oriented businesses like health and wellness providers (e.g., medical offices, dental clinics, fitness centers), personal care services (e.g., salons, spas), financial institutions, and other professional service providers.
• Food & Beverage and Experiential Businesses: This group encompasses restaurants, cafes, quick-service eateries, and other tenants that offer entertainment, dining experiences, or specialized activities, fostering local connections and community engagement.

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David K. Holeman, Chief Executive Officer
David K. Holeman was appointed Chief Executive Officer of Whitestone REIT in January 2022 and also serves as a trustee. Prior to this role, he served as Whitestone's Chief Financial Officer from 2006 to 2021. Before joining Whitestone, Mr. Holeman was the Chief Financial Officer of Gexa Energy, a NASDAQ-listed retail electricity provider, from 2004 to 2006. He was instrumental in the successful sale of Gexa Energy to NextEra in 2005. From 1994 to 2003, he served as Controller and Chief Financial Officer of Houston Cellular Telephone Company (later Cingular Wireless). He began his career as an auditor at Deloitte in 1985. Mr. Holeman is a Certified Public Accountant (CPA) and holds a Bachelor of Business Administration in Accounting from Abilene Christian University.

Christine J. Mastandrea, President & Chief Operating Officer
Christine J. Mastandrea serves as the President and Chief Operating Officer of Whitestone REIT, a position she assumed in February 2022. She was previously the Executive Vice President of Corporate Strategy. Ms. Mastandrea was involved in the initial turnaround and stabilization of a distressed $150 million portfolio at Whitestone, which subsequently expanded over ten times to more than 6 million square feet. She is also recognized as a fellow founder of Whitestone REIT. Her prior experience includes Chief Operating Officer roles at Midwest Development Corporation, a privately held residential and commercial real estate company, and MDC Realty. She began her career in banking at Robert W. Baird & Co. and advised Whitestone on its IPO in 2010. Ms. Mastandrea is an Adjunct Professor for Commercial Real Estate and Strategic Management at Rice Business - Jones Graduate School of Business. She holds an MBA from Northwestern University's Kellogg School of Management.

J. Scott Hogan, Chief Financial Officer
J. Scott Hogan is the Chief Financial Officer of Whitestone REIT. He is a key member of the executive leadership team responsible for the company's financial strategy.

Peter A. Tropoli, General Counsel & Corporate Secretary
Peter A. Tropoli serves as the General Counsel and Corporate Secretary for Whitestone REIT. He has held the position of General Counsel since 2019.

Michelle S. Siv, Senior Vice President of Human Resources
Michelle S. Siv is the Senior Vice President of Human Resources at Whitestone REIT. She has led the Human Resources function for the company since 2014.

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Here are the key risks to Whitestone REIT (WSR):

1. Financial Health and Interest Rate Sensitivity: Whitestone REIT faces significant risks related to its financial health, characterized by high debt levels and a low interest coverage ratio. The company's Altman Z-Score is in the distress zone, indicating a potential risk of bankruptcy within the next two years. As a Real Estate Investment Trust (REIT), Whitestone is particularly sensitive to fluctuations in interest rates, which can increase borrowing costs and impact its profitability and the attractiveness of its stock relative to other income-generating investments.

2. Uncertainty from Acquisition Offer and Proxy Contest: The company is currently involved in an ongoing proxy contest and has received an acquisition proposal. This situation creates significant uncertainty regarding Whitestone's future strategic direction, operational plans, and stock performance, as the outcome could lead to a change in ownership or management.

3. Real Estate Market Fluctuations and Retail Industry Dynamics: As an owner and operator of shopping centers, Whitestone REIT is inherently exposed to the volatility of the broader real estate market and potential economic downturns. Furthermore, the retail sector is undergoing significant transformations due to evolving consumer behaviors and the growth of e-commerce, which can impact occupancy rates and rental income for retail properties, despite Whitestone's focus on community-centered, service-oriented tenants in high-growth Sunbelt markets.

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• The acceleration and broad adoption of virtualized local services (e.g., telehealth, virtual fitness, remote professional services), which could reduce the demand for physical storefronts or larger footprints for service-oriented tenants within neighborhood centers.
• The expansion of micro-fulfillment centers, dark stores, and ghost kitchens for local goods and food service, which enables rapid delivery of daily necessities and prepared meals without relying on traditional retail storefronts, potentially diminishing foot traffic and the demand for conventional retail leases in neighborhood centers.

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For Whitestone REIT (WSR), several key drivers are expected to fuel future revenue growth over the next 2-3 years, stemming from its strategic focus on community-centered shopping centers in high-growth Sunbelt markets:

1. Strong Leasing Spreads: Whitestone REIT consistently achieves robust leasing spreads on new and renewed leases. For instance, in Q1 2024, the company signed new and renewal leases with a blended 17% increase on a straight-line basis and a 9.3% increase on a cash basis over prior leases. In Q4 2025, combined straight-line leasing spreads were 18.2%, with new leases at 25.9% and renewals at 16.6%, marking its 15th consecutive quarter with spreads exceeding 17%. This ability to increase rents significantly across its portfolio directly contributes to top-line revenue growth.
2. High and Improving Occupancy Rates: The company has demonstrated a strong trend of increasing occupancy. At the end of Q1 2024, occupancy stood at 93.6%, a 90 basis point increase from the prior year. By Q4 2025, Whitestone achieved a record occupancy rate of 94.6%. This high and growing occupancy ensures that more of its rentable space generates income, driving revenue expansion.
3. Strategic Redevelopment Initiatives: Whitestone REIT is actively pursuing redevelopment projects to enhance its existing properties. These initiatives are designed to improve property quality, tenant mix, and overall appeal, which in turn leads to higher potential rents and increased property value. Redevelopment efforts are anticipated to contribute up to 1% to same-store Net Operating Income (NOI) by 2026. Examples include projects at Williams Trace, Windsor Park, Lions Square, Terra Vida, and Davenport.
4. Acquisition Strategy in High-Growth Sunbelt Markets: The company's strategy involves acquiring new properties in densely populated, culturally diverse, and rapidly expanding Sunbelt markets such as Texas and Arizona. This targeted acquisition strategy expands its portfolio of income-generating assets. In Q4 2025, Whitestone acquired World Cup Plaza in Plano and Ashford Village in Houston, aiming to enhance its portfolio in high-growth areas.
5. Focus on Service-Oriented "Shop Spaces": Whitestone REIT's differentiation comes from its emphasis on "shop spaces"—retail units typically between 1,500 and 3,000 square feet—leased to service-oriented tenants. This focus on internet-resistant businesses like grocers, dentists, and gyms provides stable and resilient cash flows, commands higher rents, and experiences faster tenant turnover compared to traditional retail. This specialized approach continues to be a fundamental driver of revenue growth by capitalizing on demographic trends and urban development in its markets.

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Share Repurchases

• Whitestone REIT's Board of Trustees authorized a common share repurchase program of up to $50 million on December 18, 2025.
• This program is valid through May 20, 2028.

Share Issuance

• The number of shares outstanding increased from 49.1 million at the end of 2021 to 51.01 million by the end of 2025.

Inbound Investments

• Whitestone REIT has attracted acquisition interest from private equity firms Blackstone and TPG, engaging Bank of America to oversee a potential sale process.
• The company received an unsolicited, non-binding acquisition proposal from MCB Real Estate to acquire all outstanding shares for $15.20 per share in cash on November 4, 2025.

Outbound Investments

• Since Q4 2022, Whitestone deployed approximately $213 million in property acquisitions, while disposing of $166 million in properties to strategically upgrade its portfolio quality.
• Notable acquisitions in 2025 included South Hulen, World Cup Plaza, and Ashford Village.
• Whitestone received $33.4 million in cash on December 12, 2025, from a settlement related to its former Pillarstone Capital REIT Operating Partnership investment, with an additional approximately $4.0 million expected in 2026.

Capital Expenditures

• Redevelopment capital expenditures are projected at $20 million to $30 million over the next three years (from 2026).
• The primary focus of these expenditures is to continue adding several pads annually.