Slide 1: Industry Leaders in High-Value Shop Space
Whitestone REIT Q4 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: Initiating 2026 Guidance
Initiating 2026 Guidance, In-Line With Whitestone’s 5 – 7% Long-Term Core FFO Per Share Growth Target (1) 2023 > 2026 Core FFO / Share $1.20 $1.10 - $1.14 Guidance Range $1.10 $1.05 $1.01 $1.00 $0.91 $0.90 $0.80 $0.70 $0.60 2023 2024 2025 2026 (1) Core FFO/Share is a non-GAAP measure. Please refer t
Slide 5: Whitestone REIT At A Glance
Whitestone REIT At A Glance 5.1% 94.6% 7.0x 5.1% 6.1% 2021 – 2025 Highlights Same Store NOI (1) Q4 2025 Occupancy Debt / EBITDAre (2) Core FFO/Share CAGR (3) Dividend CAGR (4) Growth Up 330 Basis Points 2.1x Improvement 2021 to 2025 Q1 2021 to 2021 - 2025 Since Q4 2021 2021 to 2025 Q1 2026 4th Quart
Slide 6: 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 ➢ Underpin FFO growth with 3 – 5% Same Store NOI growth, driven by contractual escalators, strong leasing and efficient redevelopment capit
Slide 7: Sustainable Same Store NOI Drivers
Sustainable Same Store NOI Drivers Forecasting 3 – 5% Sustainable Same Store NOI Growth (1) Contractual escalators ≤10k sq ft: 2.7%, >10k sq ft: 1.7%, blended: 2.3% 2.3% Leasing: New and Renewal + 0.7% to 1.7% Redevelopment Up to + 1.0% Assumes redevelopment yields of 9 – 11% (1) Contractual escalat
Slide 8: Redevelopment: Efficiently Driving SS NOI Higher
Redevelopment: Efficiently Driving SS NOI Higher Lion Square Redevelopment ➢ Redevelopment capital is spent when it complements changes in the surrounding neighborhood (demographic or development) and with an identified NOI benefit ➢ Whitestone focuses heavily on ensuring redevelopment efforts do no
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 World Cup Plaza Dallas Q4 2025 6.2% / 6.3% $28.83 90,391 99 Strategically Located Next To Toyota Stadium Ashford Village Houston Q4 2025 6.5% / 6
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 76% 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 24% of Total ABR 76% of Total ABR Other Other 16% 15% Apparel Grocery General Re
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 – ’25) 1% 35% 35% 2% 10% 30% 6% 28% 3% 25% 2% 22% 8% 3% 22% 21% 20% 2% 19% 19% 20% 3% 2% 2% 3% 18% 3% 2% 4% 2% 10% 5%
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 83.4 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: Debt / EBITDAre Driven Down Over Turns Since 2020
Debt / EBITDAre Driven Down Over 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 ▪ $323 MM Currently Undrawn In Millions $300 (1) ▪ $375 MM Term Loan due 2031 $200 Unsecured ➢ Weighted Average Inte
Slide 17: Supply/Demand Fundamentals Support Whitestone Markets
Supply/Demand Fundamentals Support Whitestone Markets ➢ Retail sales grew about 3% from 2021-2025, led by Sun Belt Retail Sales Growth by Market markets (1) Top 50 Markets Whitestone Markets ➢ Strip centers have experienced the strongest foot traffic 3.6% growth among retail formats, seeing an uptic
Slide 18: Appendix
WSR NYSE Appendix
Slide 19: Redevelopment: Boosting 2026+ SS NOI Growth
Redevelopment: Boosting 2026+ SS NOI Growth • Center in Houston’s destination Asian community has a fully occupied surrounding Lion’s Square area, providing the capture additional upside • Major mixed-use development project (Park Eight Place) at old Haliburton site under construction adjacent to th
Slide 20: Redevelopment: Boosting 2026+ SS NOI Growth
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 21: 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 22: Q4 / FY 2025 FFO And Core FFO Reconciliation
Q4 / FY 2025 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 th
Slide 23: Multi-Year Core FFO / Share Reconciliation
Multi-Year Core FFO / Share Reconciliation Whitestone REIT and Subsidiaries RECONCILIATION OF NON-GAAP MEASURES (in thousands, except per share and unit data) Year Ended December 31, 2025 2024 2023 2022 2021 FFO (NAREIT) AND CORE FFO Net income attributable to Whitestone REIT $ 49,926 $ 36,893 $ 19,
Slide 24: 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 25: 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: 31-Dec 31-Dec 31-Dec 31-Dec 31-Dec 31-Dec 31-Dec Dec 31 Dec 31 Sept 2025 30 2024 Jun 30 2023 Mar 31 2022 2021 Dec 31 2020 Sept 30
Slide 26: 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 27: 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 28: 2026 Core FFO/Share Guidance Reconciliation
2026 Core FFO/Share Guidance Reconciliation Note: Please refer to slide 22 for details on FFO/Share and Core FFO/Share 28