Whitestone REIT : 3rd Quarter 2020 Financial Supplement

TABLE OF CONTENTS

	Page
Corporate Profile	1
Third Quarter 2020 Earnings Release	2
Financial Results
Consolidated Balance Sheets	8
Consolidated Statements of Operations and Comprehensive Income (Loss)	10
Consolidated Statements of Cash Flows	13
Reconciliation of Non-GAAP Measures	15
Same Store Property Analysis	18
Other Financial Information	20
Market Capitalization and Selected Ratios	21
Summary of Outstanding Debt and Debt Maturities	23
Summary of Occupancy and Top Tenants	24
COVID-19 - Status of Tenants	27
Summary of Leasing Activity	28
Lease Expirations	31
Property Details	32

CORPORATE PROFILE

NYSE: WSR

Common Shares

58 Community Centers

5.0 million sq. ft. of gross leasable area

1,386 tenants

6 Top Growth Markets

Austin

Chicago

Dallas-Fort Worth

Houston

Phoenix

San Antonio

Fiscal Year End 12/31

Common Shares &

Units Outstanding*: Common Shares: 42.4 million Operating Partnership Units:

0.8 million

Distribution (per share / unit)*:

Quarter:

$ 0.1050

Annualized: $ 0.42

Dividend Yield: 6.6%**

Board of Trustees:

Nandita V. Berry

Jeffrey A. Jones

Paul T. Lambert

Jack L. Mahaffey

James C. Mastandrea

David F. Taylor

Trustee Emeritus:

Daniel G. DeVos

* As of October 23, 2020

• Based on common share price of $6.41 as of close of market on October 23, 2020.

Whitestone REIT (NYSE: WSR) is a community-centered shopping center REIT that aquires, owns, manages, develops and redevelops high quality open-air neighborhood centers primarily in the largest, fastest-growing and most affluent markets in the Sunbelt. Whitestone seeks to create communities that thrive through

creating local connections between consumers in the surrounding communities and a well-crafted mix of national, regional and local tenants that provide daily necessities, needed services, entertainment and experiences. Whitestone is a monthly dividend paying stock and has consistently paid dividends for over 15 years. Whitestone's strong, balanced and managed capital structure provides stability and flexibility for growth and positions Whitestone to perform well through economic cycles.

We focus on value creation, as we market, lease and manage our properties. We invest in properties that are or can become Community Centered Properties® from which our tenants deliver needed services to the surrounding community. We focus on properties with smaller rental spaces that present opportunities for attractive returns.

Our strategic efforts target entrepreneurial, service-oriented tenants at each property who provide services to their respective surrounding communities. Operations include an internal management structure providing cost-effective services to locally-oriented, smaller space tenants. Multi-cultural community focus sets us apart from traditional commercial real estate operators. We value diversity on our team and maintain in-house leasing, property management, marketing, construction and maintenance departments with culturally diverse and multi-lingual associates who understand the particular needs of our tenants and neighborhoods.

We have a diverse tenant base concentrated on service offerings such as specialty retail, grocery, restaurants, medical, educational and financial services and entertainment. These tenants tend to occupy smaller spaces (less than 3,000 square feet) and, as of September 30, 2020, provided a 48% premium rental rate compared to our larger space tenants. The largest of our 1,386 tenants at our wholly owned properties comprised only 2.8% of our annualized base rental revenues for the three months ended September 30, 2020.

Investor Relations:

Whitestone REIT			ICR Inc.
Kevin Reed, Director of Investor Relations		Brad Cohen
2600 South Gessner, Suite 500, Houston, Texas 77063		203.682.8211
713.435.2219 email: [e-mail]
website: www.whitestonereit.com
Analyst Coverage:
B. Riley FBR	JMP Securities	Maxim Group	Ladenburg Thalmann
Craig Kucera	Aaron Hecht	Michael Diana	John J. Massocca
540.277.3366	415.835.3963	212.895.3641	212.409.2543
[e-mail]	[e-mail]	[e-mail]	[e-mail]

We are followed by the analysts listed above. Please note that any opinions, estimates or forecasts regarding our performance made by these analysts are theirs alone and do not represent opinions, forecasts or predictions of our management. We do not by our reference above or distribution imply our endorsement of or concurrence with such information, conclusions or recommendations.

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WHITESTONE REIT

REPORTS THIRD QUARTER 2020 RESULTS & PROVIDES COVID-19 UPDATE

Houston, Texas, October 26, 2020 - Whitestone REIT (NYSE: WSR) ("Whitestone" or the "Company") today announced its operating and financial results for the third quarter of 2020 along with an update on its business activities in light of the ongoing COVID-19 pandemic. Whitestone is a community-centered shopping center REIT that acquires, owns, manages, develops and redevelops high-qualityopen-air neighborhood centers primarily in the largest, fastest-growing and most affluent markets in the Sunbelt. Whitestone seeks to create communities that thrive through creating local connections between consumers in the surrounding communities and a well-crafted mix of national, regional and local tenants that provide daily necessities, needed services, entertainment and experiences. Whitestone is a monthly dividend paying stock and has consistently paid dividends for over 15 years. Whitestone's strong balanced and managed capital structure provides stability and flexibility for growth and positions Whitestone to perform well through economic cycles.

All per share amounts are on a diluted per common share and operating partnership ("OP") unit basis unless stated otherwise.

Third Quarter Operating and Financial Highlights:

• Net Income attributable to common shareholders of $0.9 million, or $0.02 per diluted share
• Funds from Operations ("FFO") was $8.5 million, or $0.19 per share
• FFO Core was $10.1 million or $0.23 per share
• Paid quarterly dividend of $0.105 per share
• Rental rates on comparable new and renewal leases signed for the twelve months ended September 30, 2020 increased 4.9% and 12.1%, respectively, on a GAAP basis
• Same-storeNet Operating Income ("NOI") decreased 4.5% and 4.4% for the three and nine month periods, respectively
• Reduced real estate debt by $9.5 million

COVID-19 Update Summary (as of October 26, 2020)

• All 53 community centers are open and have remained open throughout the pandemic
• 97% of tenants are open and operating (based on ABR)
• 90% of third quarter 2020 contractual rents have been collected
• 90% of total October contractual rents have been collected to date
• Entered into rent deferral agreements representing 3% of third quarter 2020 revenue
• Grew cash and cash equivalents by 11% since March 31, 2020 to $40.7 million
• Bad debt/uncollectable revenue for the quarter was $1.4 million, or $0.03 per share, primarily due to COVID-19 pandemic and included $125,000 non-cashstraight-line receivables

Jim Mastandrea, Chairman and Chief Executive Officer of Whitestone REIT, commented, "We continue to produce strong operating results and lead the shopping center sector in cash rental collections. Our business has performed well during the pandemic as our entrepreneurial tenants persevere through these uncertain times. Our team has worked tirelessly to help our service-focused,community-centered tenants find creative ways to utilize our open-air properties to serve their local neighborhoods. Our focus remains on protecting our employees, tenants, and communities and the value we have created for the stakeholders we serve."

Financial Results

Reconciliations of Net Income Attributable to Whitestone REIT to FFO and FFO Core are included herein.

Net income attributable to common shareholders for the quarter ended September 30, 2020 was $0.9 million, or $0.02 per diluted share, inclusive of $1.4 million, or $0.03 per share, related to credit loss and straight-line rent reserve, primarily due to the impact of the COVID-19 pandemic. Net income attributable to common shareholders for the quarter ended September 30, 2019 was $1.8 million, or $0.04 per share.

FFO for the quarter ended September 30, 2020 was $8.5 million, or $0.19 per share, as compared to $9.2 million, or $0.22 per share for the quarter ended September 30, 2019. The decrease is primarily due to the $1.4 million of bad debt/uncollectable

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