Slide 1: Total Shareholder Returns v Peers
Source: FactSet as of March 26, 2024. Note: Total returns include the reinvestment of dividends on the ex-date. (1) RMS represents the total return performance of the MSCI US REIT Index. Total Shareholder Returns v Peers
Slide 2: Our strong, thoughtfully refreshed board has overseen a strategy driving sustainable value
Source: FactSet as of March 26, 2024. Note: Total returns include the reinvestment of dividends on the ex-date. (1) PECO began trading on the NASDAQ on July 15, 2021. (2) RMS represents the total return performance of the MSCI US REIT Index. (3) IVT began trading on the NYSE on October 12, 2021. OUR
Slide 3: Make no mistake, Erez's campaign is detrimental to all shareholders
The board has undergone significant refreshment with 3 of 6 trustees added over the past 2 years. Each of our Board nominees are members added over the last 7 years. This refreshment has: ● Achieved a balance of deep institutional knowledge, diversity and fresh perspectives that complement our long
Slide 4: Whitestone REIT Non-GAAP Measures: Initial Full Year Guidance for 2024
Whitestone REIT and Subsidiaries RECONCILIATION OF N AP MEASURES Initial Full Year Guidance for 2024 (in thousands, except per share and per unit data) FFO (NAREIT) and Core FFO per diluted share and OP unit Net income attributable to Whitestone REIT $ 16600 $ 19,600 Adjustements to reconcile to FFO
Slide 5: Whitestone REIT Non-GAAP Measures (continued)
‘Whitestone REIT and Subsidiaries RECONCILIATION OF NON-GAAP MEASURES (contimed) (in thousand) ‘Year Ended December 21, 2078 207 PROPERTY NET OPERATING INCOME, Netiacoms atebuable wo Whitestone REIT s 19150 |S 35270 Gansra ang administrative expenses 20853 18,086 Depreciation and ammeiation 32986 31
Slide 6: Whitestone REIT Non-GAAP Measures (continued)
‘WhitestoneREIT and Subsidiaries RECONCILIATION OF NON-GAAP MEASURES (continual) (in thousands) ‘Year Endel Decenber 3 2023 2020 EARNINGS BEFORE INTEREST, TAN, DEPRE CIATION AND AMORTIZATION FOR REAL E STATE EBITDAre) Net income attdbotable to Whitestone REIT $ 19180 |S 6,034 Depresiation and amorti