Whitestone REIT Reports Second Quarter 2019 Results
-Increase in Net Income Attributable to Whitestone of 70% From Prior Year Quarter to $3.3 Million-
-Anthem Marketplace Pad Site Development Completed-
-Affirms 2019 Full Year Guidance-


HOUSTON, July 31, 2019 -
Whitestone REIT (NYSE: WSR) (“Whitestone” or the “Company”) today announced operating and financial results for the second quarter ended June 30, 2019. 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 presented in this news release are on a diluted per common share and operating partnership (“OP”) unit basis unless stated otherwise.
Second Quarter 2019 Compared to Second Quarter 2018:
Net Income attributable to Whitestone REIT was $3.33 million, or $0.08 per share, compared to $1.95 million, or $0.05
per share
Annualized Base Rent per leased squared foot grew 4.0% to $19.53
Funds from Operations (“FFO”) grew to $10.0 million or $0.24 per share, compared to $9.0 million or $0.21 per share
Grew rental rates 7.5% (on a GAAP basis) on new and renewal leases signed for the trailing twelve month period

Jim Mastandrea, Chairman and Chief Executive Officer of Whitestone REIT commented, “Our team continues to perform on all fronts as evidenced by our quarterly leasing activity, value-add pad development completion, and progress toward our long term goals.” Mr. Mastandrea added, “Looking ahead, we remain focused on building on these results to maximize long term shareholder value.”

Financial Results
Reconciliations of Net Income to FFO and FFO Core are included herein.
Net Income attributable to Whitestone REIT was $3.33 million, or $0.08 per share, for the second quarter of 2019, compared to $1.95 million, or $0.05 per share, for the same period in 2018. FFO was $10.0 million, or $0.24 per share, for the second quarter of 2019, compared to $9.0 million, or $0.21 per share, for the same period in 2018. FFO Core was $11.1 million, or $0.27 per share, in the second quarter of 2019, compared to $12.4 million, or $0.30 per share, in the same period of 2018.

Operating Results
For the period ending June 30, 2019, the Company’s operating highlights were as follows:
 
2Q-2019
 
YTD 2019
 
 
 
 
Ending Occupancy - Wholly Owned Properties
89.4%
 
89.4%
Same Store Property NOI Growth from 2018 Period
(0.2)%
 
1.1%
Rental Rate Growth (1):
 
 
 
Total Leases
5.6%
 
6.3%
New Leases
5.3%
 
6.4%
Renewal Leases
5.7%
 
6.3%
 
 
 
 
Leasing Transactions:
 
 
 
Number of New Leases
35
 
62
New Leases - Lease Term Revenue (millions)
$10.7
 
 $14.2
Number of Renewal Leases
57
 
111
Renewal Leases - Lease Term Revenue (millions)
$15.4
 
$27.7

(1) Rental rate growth represents the percentage increase on rental rates per square foot, on comparable leases signed during the period, compared to rental rates per square foot on the previous leases. Growth rates are calculated on a GAAP basis.

1

The following information was filed by Whitestone Reit (WSR) on Wednesday, July 31, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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