EXHIBIT 99.1
PRESS RELEASE
 
WHITESTONE REIT ANNOUNCES OPERATING RESULTS FOR FOURTH QUARTER AND
FULL YEAR 2010
 
**************************Fourth Quarter and 2010 Highlights******************************
Operating Portfolio Occupancy Rate Increases Year-Over-Year Four Hundred Basis Points to 86%
FFO-Core Year-Over-Year- Increased 17.6%; Net Income for 2010 was $1.6 million
Company Acquires Two Community Centers Below Replacement Cost
Acquisition Pipeline Remains in Excess of $300 Million
 
Houston, Texas, February 28, 2011
-Whitestone REIT (NYSE-Amex: WSR - "Whitestone"), a fully integrated real estate company that owns, operates and re-develops Community Centered PropertiesTM, which are visibly located in established or developing culturally diverse neighborhoods, announced its financial results for fourth quarter and full year ended December 31, 2010.
 
“Our Community Centered Property, small space business model continues to deliver, strong upwardly trending operating results,” said James C. Mastandrea, Whitestone's Chairman and Chief Executive Officer. “Occupancy is increasing, revenues are growing, and the rent premium we receive on spaces that are less than 3,000 square feet continues to increase. Our focus on service-oriented tenants in multi-cultural communities distinguishes us in our industry. Our pipeline of acquisitions is expanding as we seek to replicate value-add deals similar to our two recent off-market acquisitions, which we acquired below replacement cost in the fall of 2010. Our 2011 growth initiatives, in addition to our focus on acquisitions that expand our geographic footprint, include adding tenants to create thriving business Communities within each of our centers and redevelopment projects that enhance the value of our core assets.”
 
Highlights: Fourth Quarter 2010 Compared to Fourth Quarter 2009*:
*2010 and 2009 results, except Funds From Operations (“FFO”)-Core, include in income a portion of an insurance settlement for damages to the Company's Houston communities from Hurricane Ike, which was $0.6 million, or $0.08 per diluted common share and operating partnership ("OP") unit, in 2010, and $1.2 million, or $0.24 per diluted common share and OP unit, in 2009.
 
    
FFO-Core increased 17.6%, or approximately $0.3 million, to $2.0 million versus $1.7 million for the same period in 2009. FFO-Core per diluted common share and OP unit was $0.28, as compared to $0.33 per diluted common share and OP unit, for the same period in 2009. FFO-Core per diluted common share and OP unit was impacted in 2010 by the issuance of 2.2 million shares in August 2010 in connection with the Company's initial public offering ("IPO"), and by the subsequent use of IPO proceeds for acquisitions. FFO-Core excludes the insurance settlement referenced above. Acquisition costs of approximately $35,000 and $15,000 were also excluded from FFO-Core in 2010 and 2009, respectively.
 
    
FFO was $2.6 million, or $0.35 per diluted common share and OP unit, as compared to $2.9 million or $0.57 per diluted common share and OP unit for the same period in 2009. This includes the income recognized from the insurance settlement referenced above.
 
    
Property net operating income (“NOI”) increased 4.3% to $4.9 million versus $4.7 million for the same period in 2009. The income recognized from the insurance settlement is not included in property NOI.
 
    
Net income attributable to Whitestone REIT was $0.5 million, or $0.10 per diluted common share, compared to $0.7 million or $0.21 per diluted common share for the same period in 2009.  This includes the income from the insurance settlement referenced above.
 
    
The Company declared a quarterly cash dividend of $0.285 per common share and OP unit, paid in three equal installments of $0.095 in January, February and March 2011. The dividend rate has remained the same since the dividend paid on July 8, 2010. The Company has consistently declared dividends for 18 consecutive quarters since Whitestone became internally managed in October 2006. (Subsequent to the fourth quarter, the Company declared a quarterly cash dividend of $0.285 per common share and OP unit, paid in three equal installments of $0.095 in April, May and June 2011.

 

The following information was filed by Whitestone Reit (WSR) on Monday, February 28, 2011 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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