Press Release


2013 Highlights
- Funds From Operations Core for 2013 Increased 16%, to $1.10 per share -
- 51% Year-Over Year Increase in Annual Funds From Operations Core -
- 33% Increase in Annual Revenue -
- Net Income Increased to $3.9 Million -
- Completed $131 Million in Acquisitions in 2013 -
- Occupancy Increased to 86.8% -
- Company Provides 2014 Guidance -

Houston, Texas, February 26, 2014 - Whitestone REIT (NYSE: WSR - “Whitestone” or the “Company”), a fully integrated real estate company that owns, re-develops, leases, manages, and operates Community Centered PropertiesTM, announced its financial results for the fourth quarter and full year 2013.

"We are proud of our strong results in 2013, particularly the fact that we added over $131 million of new Community Centered PropertiesTM and adjacent land parcels in our high-growth target markets of Arizona and Texas. For the second consecutive year, these acquisitions have been drivers of strong cash flow and earnings per share growth," stated James C. Mastandrea, Whitestone’s Chairman and Chief Executive Officer. “In addition to pursuing additional accretive opportunities, most importantly, we have provided the Company with a solid foundation that will support additional organic growth through leasing our space primarily to tenants that require less than 3,000 square feet. We have a singular focus to deliver our tenants great service and an ability to help them expand their needs for space as their businesses grow. We expect to build upon the progress we made this past year and foster additional success and growth in the coming years, in our efforts to continue to create value for our shareholders.”

Highlights: Fourth Quarter 2013 Compared to Fourth Quarter 2012** 

During the quarter ended December 31, 2013, the Company completed approximately $60 million in acquisitions of value-add Community Centered PropertiesTM and adjacent deployable land parcels in high growth target markets in the fourth quarter, that contributed only partially to 2013 results.

**The Company's 2012 fourth quarter results, except Funds From Operations (“FFO”)-Core, include a previously disclosed contingency that resulted in an expense of $2.2 million, or ($0.12) per fully diluted share and Operating Partnership ("OP") unit.

Total revenues increased 27% to $17.2 million compared to $13.5 million.

FFO-Core increased 48%, or approximately $2.0 million, to $6.2 million from $4.2 million. FFO-Core per diluted common share and OP unit was $0.28, as compared to $0.24 per diluted common share and OP unit for the same period in 2012. FFO-Core excludes non-cash share based compensation related to the vesting of restricted share grants of $0.8 million and $0.3 million in 2013 and 2012, respectively, or $0.04 and $0.02 per diluted common share and OP unit in 2013 and 2012, respectively. FFO-Core excludes acquisition expenses of $398,000 and $166,000 in 2013 and 2012, respectively. In addition 2012 FFO-Core, excludes a non-comparable expense of $2.2 million.

Net income was $1.3 million, up from $0.7 million excluding a non-comparable expense of $2.2 million in 2012.

FFO increased to $4.9 million or $0.22 per share, up from $1.5 million in 2012 which included the non-comparable expense of $2.2 million.

Occupancy increased to 86.8% up 200 basis points.

Property net operating income (“NOI”) increased 28% to $10.7 million compared to $8.4 million. The increase of $2.3 million is primarily attributable to new acquisitions.

The following information was filed by Whitestone Reit (WSR) on Wednesday, February 26, 2014 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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