Whitestone REIT : Investor Presentation July 2020

INVESTOR PRESENTATION

JULY 2020

HOUSTON | AUSTIN | DALLAS | SAN ANTONIO| PHOENIX

SERVING OUR STAKEHOLDERS

SERVING SHAREHOLDERS BY GENERATING ATTRACTIVE RETURNS FROM PROPERTIES THAT APPRECIATE IN VALUE AND HEDGE AGAINST INFLATION

SERVING LOCAL NEIGHBORHOODS BY LEASING, MANAGING, OWNING AND OPERATING COMMUNITY CENTERS IN TEXAS AND ARIZONA'S FASTEST GROWING CITIES

SERVING ENTREPRENURIAL TENANTS TO ACHIEVE THE AMERICAN DREAM AND MITIGATING AGAINST ECONOMIC DOWNTURNS SUCCESSFULLY

WHITESTONE AT A GLANCE(1):

PROPERTIES	58
GROSS LEASABLE SF.	5.0 million
TENANTS	1,404
OCCUPANCY	89.7%
CONSECUTIVE MONTHLY DIVIDENDS(2)	119
AVERAGE BASE RENT/SF	$19.77
3 YEAR TOTAL SHAREHOLDER RETURN(TSR)(3)(4)	23.3%
TOTAL ENTERPRISE VALUE	$0.9 billion
TOTAL ESTIMATED REAL ESTATE ASSET VALUE	$1.5 billion
CREDIT FACILITY	$415.0 million
LONG TERM BONDS	$100.0 million
EQUITY MARKET CAPITALIZATION	$267.0 million
MANAGEMENT TEAM'S COLLECTIVE EXPERIENCE	60+ years
BOARD INDEPENDENCE	5 of 6
INSIDE OWNERSHIP (5)	6.3%

4 CRITICAL FACTORS DRIVING WHITESTONE'S SUCCESS

WE OWN PROPERTIES WHERE PEOPLE WANT TO LIVE

TARGETED ACQUISITION STRATEGY

Chicago 1%

Phoenix 44%

Dallas 12%

Geographic Exposure (1)

WHITESTONE KNOWS ITS:MARKETSNEIGHBORHOODSCONSUMERS