Whitestone REIT Reports Third Quarter 2018 Results

- Operating Portfolio Occupancy Increases 180 Basis Points from the Prior Year Quarter to 91.9% -
- G&A Costs, as a Percentage of Revenue, Improve 150 Basis Points from the Prior Year Quarter -
- Leasing Volume of 313,849 SF and $28.9 Million in Total Lease Value -
- GAAP Rental Rates on Leases Signed in the Quarter Grow 15.5% on New and Renewal Leases -
- Disposition of Legacy Houston Retail Center at a 6.7% Cap Rate -

HOUSTON, October 31, 2018 -
Whitestone REIT (NYSE: WSR) (“Whitestone” or the “Company”) today announced operating and financial results for the quarter ended September 30, 2018. Whitestone is a pure-play community-centered retail REIT that 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 optimal mix of national, regional and local tenants provide daily necessities, needed services and entertainment to the communities in which they are located.
Highlights

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

Third Quarter 2018 Compared to Third Quarter 2017:

2.8% growth in revenues to $34.6 million
Net income attributable to Whitestone REIT of $7.6 million, or $0.19 per share, versus $3.0 million, or $0.07 per share
2.7% growth in net operating income (“NOI”) to $23.0 million
G&A costs improved to 14.3% of revenue, compared to 16.6%
Funds From Operations (“FFO”) of $10.7 million, or $0.25 per share, compared to $10.1 million, or $0.25 per share
FFO Core of $12.2 million, or $0.29 per share, versus $13.1 million, or $0.33 per share
Annualized base rent per square foot for wholly owned properties rises to $18.97
Same Store NOI growth of 2.5% from the Prior Year Quarter, 2.1% in wholly owned portfolio
Updates 2018 full year guidance

“Whitestone remained focused on generating strong leasing and was pleased to have ended the quarter with record occupancy approaching 92% representing a 180 basis point increase in year over year occupancy,” stated Jim Mastandrea, Chairman and Chief Executive Officer of Whitestone REIT.  “With over 313,000 square feet leased in the third quarter, our leased total through September 2018 grew to a record 946,000 square feet. Additionally, we made further progress in reducing our general and administrative costs as a percentage of revenue. While we acknowledge that our FFO Core per share is down from 2017, primarily as a result of higher interest cost, we remain committed and focused on earning per share and cash flow growth as we execute on our differentiated E-Commerce Resistant business model in our efforts to grow long-term shareholder value.”
Real Estate Portfolio Update

Community Centered PropertiesTM Portfolio Statistics:

As of September 30, 2018, Whitestone wholly owned 57 Retail Community Centered PropertiesTM with 4.8 million square feet of gross leasable area ("GLA"). Whitestone’s properties are located in Austin (4), San Antonio (3), Chicago (1), Dallas-Fort Worth (7), Houston (15) and the greater Phoenix metropolitan area (27). In addition to being business friendly, the Texas and Arizona markets are among the top in the country in terms of size, economic strength and population growth. Between 2017 and 2022, all of these cities are expected to experience significant population growth, led by Austin and Dallas-Fort Worth each at +9.7%, San Antonio at +8.6%, Houston at +8.0% and Phoenix at +6.6% (1). Whitestone believes that its properties in these markets are located on the best retail corners embedded in affluent communities. The Company also owns a majority interest in and manages 14 properties containing 1.5 million square feet of GLA through its investment in Pillarstone Capital REIT Operating Partnership, L.P.
At the end of the third quarter, the Company's diversified tenant base in its wholly owned properties comprised 1,347 tenants, with the largest tenant accounting for only 3% of annualized base rental revenues.

1

The following information was filed by Whitestone Reit (WSR) on Wednesday, October 31, 2018 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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