Whitestone REIT Reports Third Quarter 2017 Results
-Strengthens Diversity and Leadership of Board with Addition of Two New Independent Trustees-
-Reaffirms Full Year 2017 Guidance-

HOUSTON, November 1, 2017 -
Whitestone REIT (NYSE: WSR) (“Whitestone” or the “Company”) today announced operating and financial results for the third quarter ended September 30, 2017. Whitestone acquires, owns, manages, develops and redevelops high quality “e-commerce resistant” neighborhood, community and lifestyle retail centers principally located in the largest, fastest-growing and most affluent markets in the Sunbelt. Whitestone’s national, regional and local tenants provide daily necessities, needed services and entertainment not readily available online to the communities they serve.

Highlights
Strengthens Board of Trustees (the “Board”) by adding two independent trustees, increasing cognitive and gender diversity
Inclusion into the S&P SmallCap 600 Index on September 8, 2017
Operating Portfolio occupancy climbs above 90%
Reaffirms full year 2017 guidance

Third Quarter 2017 Compared to Third Quarter 2016:
All per share amounts presented in this news release are on a diluted per common share and operating partnership (“OP”) unit basis unless stated otherwise.
Net Income Attributable to Whitestone REIT (“Net Income”) of $3.0 million
133% growth in Net Income per share to $0.07
60% growth in Funds from Operations (“FFO”) to $10.1 million
19% growth in FFO per share to $0.25
33% growth in FFO Core to $13.1 million. FFO Core per share of $0.33 in both periods
32% growth in revenues to $33.7 million
30% growth in Net Operating Income (“NOI”)
4.7% same store NOI growth in wholly owned properties. 2.9% same store growth in all properties, including consolidated partnership properties (“non-core” legacy assets)
20.3% increase in annualized base rent per square foot for wholly owned properties to $18.84
7.6% rental rate increase on new and renewal leases executed in wholly owned properties (GAAP Basis, Trailing Twelve Months)
Increase in Operating Portfolio occupancy to 90.1% from 87.6%

“We continue to see strong results from our neighborhood centers located in targeted communities with high household incomes, educated workforces, and positive household growth projections, as evidenced by our 4.7% same store NOI growth and Operating Portfolio occupancy climbing above 90%,” commented Jim Mastandrea, Chairman and Chief Executive Officer. “With a heightened focus on driving efficiencies throughout our operating platform and overall cost structure, Whitestone increased year over year gross real estate assets by more than $225 million and revenues by 32%. We also took steps to enhance our corporate governance and ensure that our practices align with our culture by adding two new trustees who bring independence, diversity and leadership experience to our Board. Our commitment to serving e-commerce resistant retailers and providing daily essential services is what differentiates Whitestone from our peers, and positions the Company to continue delivering strong results and driving shareholder value.”

Real Estate Portfolio Update

Community Centered Properties® Portfolio Statistics:

As of September 30, 2017, Whitestone wholly owned 58 Community Centered Properties® with 5.0 million square feet of gross leasable area ("GLA"). The portfolio comprises 30 properties in Texas, 27 in Arizona and one in Illinois. Whitestone’s retail Community Centered Properties® are located in Austin (4), San Antonio (3), Dallas-Fort Worth (6), Houston (17) and the greater Phoenix metropolitan area (27). In addition to being business friendly, these are five of the top markets in the country in terms of size, economic strength and population growth. Between 2000 and 2014, all of these cities experienced double-digit growth in population, with Austin at +35.8%, San Antonio at +23.4%, Dallas-Fort Worth at +20.5%, Phoenix at +15.8% and Houston at +13.2%.


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The following information was filed by Whitestone Reit (WSR) on Wednesday, November 1, 2017 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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