Whitestone REIT
Reports Fourth Quarter and Full Year 2018 Results
-Net Income per share of $0.52, more than double From 2017-
-Occupancy Increases 30 Basis Points, Reaching 90.5% at Year End 2018-
-Annualized Base Rent per Leased Squared Foot Grows 2.8% From Year End 2017-
-Same Store Net Operating Income (“NOI”) increases 3.3% From 2017-

Houston, Texas, February 27, 2019 -
Whitestone REIT (NYSE: WSR) (“Whitestone” or the “Company”) today announced the operating and financial results for the quarter and year ended December 31, 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 respective communities which are not readily available online.

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

Full Year Operating and Financial Highlights:

Funds from Operations, as defined by the National Association of Real Estate Investment Trusts ("FFO") was $0.94 per share for the year compared to $0.93 in 2017;
FFO Core was $1.16 per share for the year compared to $1.25 per share in 2017;
Rental rates on new and renewal leases signed in 2018 increased 7.0% and 11.1%, respectively, on a GAAP basis;
Annualized Base Rent (“ABR”) per leased squared foot grew to $19.35 from $18.82 a year ago;
Dispositions of five properties (including three properties owned through investment in Pillarstone REIT Operating Partnership, L.P. ("Pillarstone OP")) in 2018 generating $29.3 million in gross proceeds; and
Net Debt to EBITDA, adjusted improved to 8.4 times from 8.5 times in 2017.

Jim Mastandrea, Chairman and Chief Executive Officer of Whitestone REIT commented, “2018 was a solid year for Whitestone, as we produced improvement in many key areas of the business. In addition to growing same store NOI by over 3% in 2018, we also increased occupancy and rental rates. While our 2018 FFO Core per share reflects a decrease year-over-year, we made progress upgrading the portfolio through selective dispositions, improved our leverage metrics, scaled G&A and enhanced our corporate governance which should result in long-term value creation for our shareholders.” Mr Mastandrea added, "Our, high-quality properties, differentiated and unique 'E-Commerce resistant' business model, together with a cycle-tested management team, contributed to our industry-leading Total Shareholder Returns for the last three years. We are energized by the opportunity ahead of us in 2019 as our communities are located within the fastest growing cities in the country, which supports our ongoing efforts to reach our long-term milestones. We continue to evolve our truly best-in-class company to extract additional value as we move ahead."

Financial Results

The Company reported Net Income attributable to Whitestone REIT of $8.5 million, or $0.21 per share for the fourth quarter of 2018, compared to $1.9 million, or $0.05 per share for the same period in 2017. For the year, Net Income attributable to Whitestone REIT was $21.4 million, or $0.52 per share, for 2018 compared to $8.3 million or $0.22 per share for 2017.

FFO was $9.5 million, or $0.23 per share for the fourth quarter of 2018, compared to $9.1 million, or $0.22 per share for the same period in 2017. For the year, FFO was $39.4 million, or $0.94 per share in 2018, compared to $35.0 million, or $0.93 per share in 2017.

FFO Core was $11.4 million, or $0.27 per share in the fourth quarter of 2018, compared to $12.2 million, or $0.30 per share in the same period of 2017. For the year, FFO Core was $48.8 million, or $1.16 per share compared to $47.1 million or $1.25 per share in 2017.

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

1

The following information was filed by Whitestone Reit (WSR) on Wednesday, February 27, 2019 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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