Whitestone Reit · NYSE:WSR
Whitestone Reit — Q3 2025 Earnings Presentation
31 slides from Whitestone Reit's earnings presentation, Oct 30, 2025
Slide 1: Industry Leaders in High-Value Shop Space
Whitestone REIT Q3 2025 Earnings Presentation Industry Leaders in High- Value Shop Space
Slide 2: The Value of Shop Space
The Value of Shop Space “Shop Spaces” are the smaller spaces within centers, often in the high-demand 1,500 – 3,000 square foot range that suit regional or local service-based tenants Higher Growth More Durable Cash Flows ➢ Whitestone’s underwriting assesses the full strength ➢ Shop Spaces command h
Slide 3: Whitestone's Success Formula
Whitestone’s Success Formula Acquire High Total Return Potential Centers: Whitestone acquires centers with the team’s core capabilities in mind (see slides 9 & 10 for details) Anchor Centers To The Community: Whitestone team members are data centric, utilizing ESRI and Placer.ai to determine demand
Slide 4: Single Slide Whitestone Summary
Single Slide Whitestone Summary 5.1% 94.2% 7.2x 5.5% 5.9% 2021 – 2025 Highlights Same Store NOI (1) Q3 2025 Occupancy Debt / EBITDAre (2) Core FFO/Share CAGR (3) Dividend CAGR Growth Up 400 Basis Points 1.7x Improvement Year End 2021 to Q3 2021 to Q3 2025 2021 - 2025 Since Q3 2021 Versus Q3 2021 Yea
Slide 5: Driving Long-Term Shareholder Value
Driving Long-Term Shareholder Value Anchoring centers with a high percentage of shop space to the community provides enhanced growth and more durable cash flows ➢ Leverage Whitestone’s Leadership position in high-value shop space to (1) deliver consistent Core FFO growth of 4 – 6%, matched by sustai
Slide 6: Sustainable Same Store NOI Drivers
Sustainable Same Store NOI Drivers Forecasting 3 – 5% Sustainable Same Store NOI Growth Contractual escalators 2.3% ≤10k sq ft: 2.8%, >10k sq ft: 1.7%, blended: 2.3% Leasing: New and Renewal + 0.8% to 1.8% Redevelopment Up to + 1.0% 6
Slide 7: Leasing Activity – Driving SS NOI Growth
Leasing Activity – Driving SS NOI Growth Whitestone’s SS NOI Growth Projection Using Historical Performance Cash Leasing Spreads 2022 - 2024 16% 14% 12% 10% 9.2% Average 8% 6% 4% 2% Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 x $77.5 MM Expiring Ba
Slide 8: Redevelopment: Efficiently Driving SS NOI Higher
Redevelopment: Efficiently Driving SS NOI Higher ➢ Redevelopment capital is spent when it complements Lion Square Rendering changes in the surrounding neighborhood (demographic or development) and with an identified NOI benefit ➢ Whitestone focuses heavily on ensuring redevelopment efforts do not in
Slide 9: Driving Returns via Accretive Acquisitions
Driving Returns via Accretive Acquisitions Whitestone’s Markets Business Friendly States (Sunbelt) High Shop Space Centers: Grocery agnostic (limiting competitors), not agnostic on configuration Whitestone’s Data Driven Acquisition Filter High Total Return Potential Upwardly Mobile Demographic Stron
Slide 10: Driving Returns: Acquisitions / Dispositions
Driving Returns: Acquisitions / Dispositions Acquisition Purchase ABR Per Gross Acquisitions Location Date Cap Rate (1) Leased Leasable SF TAP Score Notes S Hulen Ft Worth Q2 2025 6.7% / 6.7% $31.00 86,907 80 Major Area Development Anticipated San Clemente Austin Q2 2025 6.4% / 7.2% $29.04 31,832 85
Slide 11: What Are The Key Components To High Return Shop Space?
What Are The Key Components To High Return Shop Space? Spaces that deliver for the tenants: Spaces that allow tenants to maximize their revenue by allowing them to take advantage of online branding and by exposing them to a center’s other high-traffic tenants Spaces that deliver for the community: W
Slide 12: 2nd Highest Shop Space Percentage Within the Peer Group
2nd Highest Shop Space Percentage Within the Peer Group 77% of Whitestone’s Total ABR Driven By Small Shop Space Breakdown of Large Space ABR Breakdown of Small Space ABR Tenants 10,000+ Sq FT Tenants Under 10,000 Sq FT 23% of Total ABR 77% of Total ABR Other 8% Other 9% Pets 3% Grocery 2% Pets 3% M
Slide 13: Delivering Results With Less Capex
Delivering Results With Less Capex Whitestone has used less capital v peers while outperforming on SS NOI growth Capital Expenditures (incl. Redev.) by REIT (1) 40% 37% (% of NOI ‘20 – ’24) 2% 34% 35% 1% 2% 30% 8% 28% 25% 10% 3% 25% 23% 6% 4% 22% 2% 19% 19% 19% 19% 20% 2% 18% 10% 1% 5% 2% 2% 3% 15%
Slide 14: Driving The Value of Our Real Estate Higher
Driving The Value of Our Real Estate Higher Green Street Trade Area Power Scores 100% 90% 84.0 83.0 80% 82.7 79.6 77.1 Center Type Percentage (% of NOI) 75.2 73.7 72.2 70% 70.3 68.3 60% 58.7 58.5 50% 40% 30% 20% 10% 0% FRT WSR AKR REG SITC IVT CURB UE KIM KRG BRX PECO Neighborhood / Community Strip
Slide 15: Risk: Robust Underwriting Proven In Pandemic
Risk: Robust Underwriting Proven In Pandemic ➢ Whitestone engages in an extremely robust underwriting process ▪ Beyond credit, Whitestone assesses the strength of the business, the demand trajectory and the ability of the business to meet that demand ▪ Whitestone often requires a higher percentage o
Slide 16: Reiterating 2025 Guidance: Sustainable Earnings Growth
Reiterating 2025 Guidance: Sustainable Earnings Growth 2023 > 2025 Core FFO / Share Core $1.10 FFO/Share $0.01 Target $0.07 $0.01 $1.03 - $1.07 $0.03 $1.05 $0.03 $0.00 $0.02 $0.02 $0.01 $1.01 $0.09 $0.02 $1.00 $0.01 $0.95 $0.91 $0.90 $0.85 $0.80 2023 Core SS NOI Non SS Term Fees G&A Interest Other 2
Slide 17: Debt / EBITDAre Driven Down Since 2020
Debt / EBITDAre Driven Down 3 Turns Since 2020 ➢ $750 MM Credit Facility Amended and Extended in Debt Maturities $500 September 2025 ▪ $375 MM Revolver Expiring Sept 2029(1) $400 ▪ $309 MM Currently Undrawn In Millions $300 (1) ▪ $375 MM Term Loan due 2031 $200 Unsecured ➢ Weighted Average Interest
Slide 18: Supply/Demand Fundamentals Support Whitestone Markets
Supply/Demand Fundamentals Support Whitestone Markets 5-Year Forward Job Growth(3) ➢ WSR markets show an estimated 5yr job growth CAGR of 1.8% 1.1%, compared to the U.S. average of 0.7% 1.5% ➢ Strip centers’ foot traffic, when compared to ‘19 levels, 1.2% leads the pack among other retail formats(1)
Slide 19: Appendix
WO WHITESTONE REIT WSR NYSE Appendix
Slide 20: Experienced, Committed Board of Trustees
Experienced, Committed Board of Trustees Dave Holeman (62) Amy Feng (60) Donald Miller, CFA (63) CEO Independent Chair Independent Trustee Trustee Since 2022 Trustee Since 2022 Trustee Since 2024 A, C* C, NCG • Became CEO in 2022 and has driven Whitestone’s • Executive VP at Edelman Smithfield • CEO
Slide 21: How We Designed A Board To Serve Whitestone Shareholders
How We Designed A Board To Serve Whitestone Shareholders Annual Board Evaluation The Search Candidate Refining The Full Board Announcement and Onboarding Evaluate The Board’s Core Consider Qualified Interview Candidates Additional Interviews and Competencies, Perspectives And Candidates (Nominating
Slide 22: Redevelopment: Boosting 2026+ SS NOI Growth (Williams Trace, Windsor Park)
Redevelopment: Boosting 2026+ SS NOI Growth • Capitalize on recent 60% traffic boost with EoS Fitness opening in 2024 Williams Trace • Ability to leverage Sugarland’s growth as a hub for advanced manufacturing, biotech, financial services and energy technology • Redevelopment will improve walkways,
Slide 23: Redevelopment: Boosting 2026+ SS NOI Growth (Davenport, Terravita)
Redevelopment: Boosting 2026+ SS NOI Growth • Capitalize on Austin’s thriving high-tech community growth and surrounding luxury master-planned communities Davenport • Recently signed Starbucks Reserve and fitness leader Pvolve • Major opportunity to add high-return restaurants that will plug into gr
Slide 24: Forward Looking Statements
Forward Looking Statements This presentation contains forward looking statements within the meaning of Section 27 A of the Securities Act of 1933 as amended, and Section 21 E of the Securities Exchange Act of 1934 as amended. Forward looking statements provide our current expectations or forecasts o
Slide 25: FFO And Core FFO Reconciliation
Q2 FFO And Core FFO Reconciliation FFO: Funds From Operations: The National Association of Real Estate Investment Trusts (“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
Slide 26: Multi-Year Core FFO / Share Reconciliation
Multi-Year Core FFO / Share Reconciliation RECONCILIATION OF NON-GAAP MEASURES (in thousands, except per share and unit data) Year Ended December 31, 2024 2023 2022 2021 FFO (NAREIT) AND CORE FFO Net income attributable to Whitestone REIT $ 36,893 $ 19,180 $ 35,270 $ 12,048 Adjustments to reconcile
Slide 27: EBITDAre and Debt / EBITDAre Reconciliation
EBITDAre and Debt / EBITDAre Reconciliation 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 deprecia
Slide 28: Multi-Year EBITDAre and Debt / EBITDAre Reconciliation
Multi-Year EBITDAre and Debt / EBITDAre Reconciliation Whitestone REIT and Subsidiaries RECONCILIATION OF NON-GAAP MEASURES (continued) (in thousands) Three Months Ended: Dec 31 31-Dec Sept 30 31-Dec Jun 30 31-Dec Mar 31 31-Dec Dec 31 31-Dec Sept31-Dec 30 Dec 31 Jun 30 Mar 31 2022 2024 2022 2023 202
Slide 29: NOI and SS NOI Reconciliation
NOI and SS NOI Reconciliation 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 taxe
Slide 30: Multi-Year SS NOI Reconciliation
Multi-Year SS NOI Reconciliation Whitestone REIT and Subsidiaries RECONCILIATION OF NON-GAAP MEASURES (continued) (in thousands) Year Ended December 31, Year Ended December 31, Year Ended December 31, Year Ended December 31, Year Ended December 31, Year Ended December 31, 2024 2023 2023 2022 2022 20
Slide 31: 2025 Core FFO/Share Guidance Reconciliation
2025 Core FFO/Share Guidance Reconciliation Please refer to slide 25 for details on FFO/Share and Core FFO/Share. 31