Whitestone REIT (NYSE: WSR) boosts 2025 profit and sets higher 2026 Core FFO outlook

Q: What drove Whitestone REIT’s Same Store NOI and occupancy in 2025?

Whitestone achieved 4.0% Same Store Net Operating Income growth for 2025 and record occupancy of 94.6% . These gains were supported by higher rental revenues, solid leasing activity, and rental rate growth on new and renewal leases across its Sunbelt neighborhood center portfolio.

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

Whitestone REIT reported stronger fourth-quarter and full-year 2025 results, with net income attributable to common shareholders per diluted share rising to $0.43 from $0.33 in Q4 2024 and to $0.95 from $0.72 for the full year.

The company delivered 4.0% Same Store Net Operating Income growth and record occupancy of 94.6%, supported by healthy leasing metrics and rental rate growth. Full-year Core FFO per diluted share and OP unit increased to $1.05 from $1.01, reflecting improved underlying property performance.

For 2026, Whitestone guides GAAP net income per diluted share to $0.38–$0.43 and Core FFO per diluted share and OP unit to $1.10–$1.14. The Board shifted from monthly to quarterly dividends and declared a first-quarter 2026 dividend of $0.1425 per share and OP unit, a 5.6% increase over the previous quarterly amount.

Positive

Stronger profitability and cash earnings: 2025 net income attributable to Whitestone REIT rose to $49.9 million ($0.95 per diluted share) from $36.9 million ($0.72), while Core FFO per diluted share and OP unit increased to $1.05 from $1.01, reflecting improved recurring performance.
Record occupancy and solid same-store growth: The portfolio reached record occupancy of 94.6% and delivered 4.0% Same Store NOI growth for 2025, supported by healthy rental rate increases on both new and renewal leases.
Dividend increase and supportive 2026 outlook: The Board raised the effective quarterly dividend by 5.6% to $0.1425 per share and unit and issued 2026 Core FFO guidance of $1.10–$1.14 per diluted share and OP unit, above the 2025 actual of $1.05.

Negative

None.

Insights

Whitestone posts higher earnings, record occupancy and raises its dividend while guiding Core FFO modestly higher for 2026.

Whitestone REIT shows solid operating momentum. Full-year net income attributable to common shareholders increased to $49.9M, or $0.95 per diluted share, from $36.9M, or $0.72 per share. Core FFO per diluted share and OP unit also improved to $1.05 from $1.01, indicating healthier recurring cash earnings.

Operationally, the REIT delivered 4.0% Same Store NOI growth and achieved record occupancy of 94.6%, with strong rental rate growth on both new and renewal leases. These figures suggest its Sunbelt neighborhood centers remain in demand and support stable cash flows.

Management’s initial 2026 guidance calls for Core FFO per diluted share and OP unit of $1.10–$1.14, above 2025’s $1.05, and Same Store NOI growth of 3.0–4.75%. The Board’s move to a quarterly dividend, with a 5.6% increase to $0.1425 for Q1 2026, further signals confidence in ongoing cash generation.

02/25/2026 - 04:30 PM

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 Or 15(d) of

The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 25, 2026

Whitestone REIT

(Exact name of registrant as specified in charter)

Maryland		001-34855		76-0594970
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

2600 South Gessner, Suite 500,
Houston, Texas			77063
(Address of principal executive offices)			(Zip Code)

(713) 827-9595

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule #14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Shares of Beneficial Interest, par value $0.001 per share	WSR	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On February 25, 2026, Whitestone REIT (the “Company”) announced its financial results for the three and twelve months ended December 31, 2025. A copy of the Company’s February 25, 2026 press release is furnished as Exhibit 99.1 to this current report on Form 8-K. A copy of the Company’s Quarterly Operating and Financial Supplemental Package is furnished as Exhibit 99.2 to this current report on Form 8-K. The information contained in this current report on Form 8-K, including Exhibits 99.1 and 99.2, shall not be deemed “filed” with the Securities and Exchange Commission nor incorporated by reference into any registration statement filed or to be filed by the Company under the Securities Act of 1933, as amended.

Item 9.01 Exhibits

(d) Exhibits.

99.1 Press release of Whitestone REIT, dated February 25, 2026.

99.2 Quarterly Supplemental Operating and Financial Data Package for Whitestone REIT for the three and twelve months ended December 31, 2025.

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

EXHIBIT INDEX

99.1	Press release of Whitestone REIT, dated February 25, 2026.
99.2	Quarterly Supplemental Operating and Financial Data for Whitestone REIT for the three and twelve months ended December 31, 2025.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		Whitestone REIT
		(Registrant)


Date:	February 25, 2026	By: /s/ John S. Hogan
		Name: John S. Hogan Title: Chief Financial Officer

Exhibit 99.1

WHITESTONE REIT

REPORTS FOURTH QUARTER AND FULL YEAR 2025 RESULTS

Houston, Texas, February 25, 2026 - Whitestone REIT (NYSE: WSR) (“Whitestone” or the “Company”) today announced its operating and financial results for the fourth quarter and full year of 2025. Whitestone creates neighborhood center communities in its high-quality open-air shopping centers that it acquires, owns, manages, develops, and redevelops primarily in some of the largest, fastest-growing, high-household-income markets in the Sunbelt. For the three months ended December 31, 2025 and 2024, Net income attributable to common shareholders per diluted share was $0.43 and $0.33, respectively. For the full year 2025 and 2024, Net income attributable to common shareholders per diluted share was $0.95 and $0.72, respectively.

“We are pleased to report strong fourth quarter and full year operating and financial results. We delivered full-year 4.0% Same Store Net Operating Income growth and record occupancy of 94.6%. We are firmly on track with our long-term 5-7% Core FFO per share growth target. The leasing environment in Whitestone’s markets remains robust. We anticipate that our business model and focus on high-return shop space will allow us to continue capitalizing on favorable demographic trends and urban development within our footprint. Our twin goals of driving Core FFO per share growth and simultaneously strengthening our balance sheet remain. We look forward to sharing more on tomorrow’s earnings conference call.”

– Dave Holeman, Chief Executive Officer

Fourth Quarter 2025 Operating and Financial Results

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

Reconciliations of Net Income Attributable to Whitestone REIT to FFO, Core FFO, NOI and EBITDAre are included herein.

•

Revenues of $43.9 million versus $40.8 million for the fourth quarter of 2024.

•

Net Income attributable to common shareholders of $22.8 million, or $0.43 per diluted share, inclusive of a $0.30 per diluted share gain on sale of properties, versus $17.3 million, or $0.33 per diluted share for the fourth quarter of 2024, inclusive of a $0.23 per diluted share gain on sale of properties.

•

Core Funds from Operations (“Core FFO”) of $15.2 million versus $14.7 million for the fourth quarter of 2024.

•

Core FFO per diluted share was $0.28 versus $0.28 for the fourth quarter of 2024.

•

Fund From Operations (“FFO”) of $15.2 million versus $14.7 million for the fourth quarter of 2024.

•

FFO per diluted share of $0.28 versus $0.28 for the fourth quarter of 2024.

•

EBITDAre of $23.9 million versus $23.0 million for the fourth quarter of 2024.

•

Same-Store Net Operating Income (“NOI”) grew 3.8% to $26.3 million versus $25.3 million for the fourth quarter of 2024.

•

Net Effective Annual Base Rental Revenue per leased square foot was up 5% to $25.73, compared to the prior year quarter.

Full Year 2025 Operating and Financial Results

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

•

Revenues of $160.9 million versus $154.3 million for 2024.

•

Net Income attributable to common shareholders of $49.9 million, or $0.95 per diluted share, inclusive of a $0.57 per diluted share gain on sale of properties, versus $36.9 million, or $0.72 per diluted share, inclusive of a $0.43 per diluted share gain on sale of properties for 2024.

•

Core Funds from Operations (“Core FFO”) of $55.4 million versus $52.5 million for 2024.

•

Core FFO per diluted share of $1.05 versus $1.01 for 2024.

•

Funds from Operations (“FFO”) of $54.6 million versus $50.7 million for 2024.

•

FFO per diluted share of $1.03 versus $0.98 for 2024.

•

EBITDAre of $89.6 million versus $85.3 million for 2024.

•

Same-Store Net Operating Income (“NOI”) grew 4% to $97.5 million versus $93.8 million for 2024.

Operating Results

For the three-month periods ending December 31, 2025 and 2024, the Company’s operating highlights were as follows:

	Fourth Quarter 2025	Fourth Quarter 2024
Occupancy:
Wholly Owned Properties – All	94.6%	94.1%
>10,000 Sq Ft Occupancy	97.7%	97.4%
≤ 10,000 Sq Ft Occupancy	92.7%	92.1%
Same Store Property Net Operating Income Change ⁽¹⁾	3.8%	5.8%
Rental Rate Growth - Total (GAAP Basis):	18.2%	21.9%
New Leases	25.9%	36.1%
Renewal Leases	16.6%	19.0%
Leasing Transactions:
Number of New Leases	19	29
New Leases - Lease Term Revenue (millions)	$11.3	$40.6
Number of Renewal Leases	23	50
Renewal Leases - Lease Term Revenue (millions)	$7.7	$15.9

Balance Sheet and Debt Metrics

•

As of December 31, 2025, Whitestone had total debt of $649.4 million, along with capacity and availability of $323.2 million and $220.4 million, respectively, under its $375 million revolving credit facility.

•

As of December 31, 2025, the Company has undepreciated real estate assets of $1.4 billion.

Dividend

On December 18, 2025, the Board of Trustees of Whitestone REIT approved a change to the Company’s dividend payment schedule from a monthly dividend to a quarterly dividend.

In connection with this change, the Board declared a quarterly cash dividend of $0.1425 per share on the Company’s common shares and $0.1425 per unit on the Company’s operating partnership units for the first quarter of 2026. The declared quarterly dividend represents a 5.6% increase over the Company’s previous quarterly dividend amount. The dividend will be payable on March 30, 2026 to shareholders and unitholders of record as of the close of business on March 16, 2026.

2026 Full Year Guidance

The Company currently estimates that U.S. generally accepted accounting principles (“GAAP”) net income available to common shareholders will be within the range of $0.38 to $0.43 per diluted share, and Core FFO will be within the range of $1.10 to $1.14 per diluted share and OP Unit.

	Initial 2026 Guidance	2025 Actual
	(unaudited, amounts in thousands except per share and percentages)
Net income attributable to Whitestone REIT	$20,580 -$22,730	$49,926
Core FFO ⁽¹⁾	$59,064 - $61,214	$55,428

Net income attributable to Whitestone REIT per share	$0.38 - $0.43	$0.95
Core FFO per diluted share and OP Unit (1)	$1.10 - $1.14	$1.05

Key Drivers:
Same store net operating income growth (2)	3.0% - 4.75%	4%
Bad debt as a percentage of revenue	0.50% - 1.00%	0.55%
Interest expense	$32,600 - $34,100	$33,672

⁽¹⁾

For the reconciliation of forward-looking non-GAAP financial measure to the comparable GAAP financial measure, see the “Core FFO per diluted share and OP unit” reconciliation table. Core Funds from Operations (“Core FFO”) is a non-GAAP measure. Guidance does not include the operational or capital impact of any future unannounced acquisition or disposition activity or the collection of any amounts due us from our claims in the Pillarstone bankruptcy.

⁽²⁾	Excludes straight-line rent, amortization of above/below market rates and lease termination fees for both periods.

Portfolio Statistics

As of December 31, 2025, Whitestone wholly owned 56 Community-Centered Properties™ with 4.9 million square feet of gross leasable area (“GLA”). Five of the 56 Community-Centered Properties™ are land parcels held for future development. The portfolio is comprised of 31 properties in Texas and 25 in Arizona. Whitestone’s Community-Centered Properties are located in the MSA’s of Austin (7), Dallas (11), Houston (10), Phoenix (25), and San Antonio (3). The Company’s properties in these markets are generally in high-traffic locations, surrounded by high-household-income communities.

At the end of the fourth quarter, the Company’s diversified tenant base was comprised of 1,458 tenants, with the largest tenant accounting for only 2.1% of annualized base rental revenues. Lease terms range from less than one year for smaller tenants to more than 15 years for larger tenants. Whitestone’s leases generally include minimum monthly lease payments and tenant reimbursements for payment of taxes, insurance and maintenance, and typically exclude restrictive lease clauses.

Conference Call Information

In conjunction with the issuance of its financial results, the Company invites you to listen to its earnings release conference call to be broadcast live on Thursday, February 26, 2026, at 8:30 A.M Eastern Time / 7:30 A.M. Central Time. The call will be led by Dave Holeman, Chief Executive Officer. Conference call access information is as follows:

To listen to a webcast of the conference call, click on the Investor Relations tab of the Company’s website, www.whitestonereit.com, and then click on the webcast link. A replay of the call will be available on Whitestone’s website via the webcast link until the Company’s next earnings release. Additional information about Whitestone can be found on the Company’s website.

Dial-in number for domestic participants:	1-877-407-0784
Dial-in number for international participants:	1-201-689-8560

The conference call will be recorded, and a telephone replay will be available through Thursday, March 12, 2026. Replay access information is as follows:

Replay number for domestic participants:	1-844-512-2921
Replay number for international participants:	1-412-317-6671
Passcode (for all participants):	13757652

Supplemental Financial Information

The fourth quarter earnings release and supplemental data package will be located in the “News and Events” and “Financial Reporting” tabs of the Investor Relations section of the Company’s website at www.whitestonereit.com. The earnings release and supplemental data package will also be available by mail upon request. To receive a copy, please call Investor Relations at (713) 435-2219.

About Whitestone REIT

Whitestone REIT (NYSE: WSR) is a community-centered real estate investment trust (REIT) that acquires, owns, operates, and develops open-air, retail centers located in some of the fastest growing markets in the country: Phoenix, Austin, Dallas, Houston and San Antonio.

Our centers are convenience focused: merchandised with a mix of service-oriented tenants providing food (restaurants and grocers), self-care (health and fitness), services (financial and logistics), education and entertainment to the surrounding communities. The Company believes its strong community connections and deep tenant relationships are key to the success of its current centers and its acquisition strategy. For additional information, please visit www.whitestonereit.com.

Forward-Looking Statements

This Report contains forward-looking statements within the meaning of the federal securities laws, including discussion and analysis of our financial condition; pending acquisitions and the impact of such acquisitions on our financial condition and results of operations; statements related to our expectations regarding the performance of our business; anticipated capital expenditures required to complete projects; amounts of anticipated cash distributions to our shareholders in the future; and other matters. These forward-looking statements are not historical facts but reflect the intent, belief or current expectations of our management based on its knowledge and understanding of our business and industry. Forward-looking statements are typically identified by the use of terms such as “may,” “will,” “should,” “potential,” “predicts,” “anticipates,” “expects,” “intends,” “plans,” “believes,” “hopes,” “seeks,” “estimates” or the negative of such terms and variations of these words and similar expressions, although not all forward-looking statements include these words. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control, are difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements.

Factors that could cause actual results to differ materially from any forward-looking statements made in this Report include: the imposition of federal income taxes if we fail to qualify as a real estate investment trust (“REIT”) in any taxable year or forego an opportunity to ensure REIT status; uncertainties related to the national economy and the real estate industry, both in general and in our specific markets; legislative or regulatory changes, including changes to laws governing REITs; adverse economic or real estate developments or conditions in Texas or Arizona, Houston, Dallas, and Phoenix in particular, including the potential impact of public health emergencies, on our tenants’ ability to pay their rent, which could result in bad debt allowances or straight-line rent reserve adjustments; increases in interest rates, including as a result of inflation, which may increase our operating costs or general and administrative expenses; our current geographic concentration in the Houston, Dallas, and Phoenix metropolitan area markets makes us susceptible to potential local economic downturns; natural disasters, such as floods and hurricanes, which may increase as a result of climate change may adversely affect our returns and adversely impact our existing and prospective tenants; increasing focus by stakeholders on environmental, social, and governance matters; financial institution disruptions; availability and terms of capital and financing, both to fund our operations and to refinance our indebtedness as it matures; decreases in rental rates or increases in vacancy rates; harm to our reputation, ability to do business and results of operations as a result of improper conduct by our employees, agents or business partners; litigation risks; lease-up risks, including leasing risks arising from exclusivity and consent provisions in leases with significant tenants; our inability to renew tenant leases or obtain new tenant leases upon the expiration of existing leases; risks related to generative artificial intelligence tools and language models, along with the potential interpretations and conclusions they might make regarding our business and prospects, particularly concerning the spread of misinformation; our inability to generate sufficient cash flows due to market conditions, competition, uninsured losses, changes in tax or other applicable laws; geopolitical conflicts, such as the ongoing conflict between Russia and Ukraine, the conflict in the Gaza Strip and unrest in the Middle East; the need to fund tenant improvements or other capital expenditures out of our operating cash flow; and the risk that we are unable to raise capital for working capital, acquisitions or other uses on attractive terms or at all: the timing and the ultimate amount we will collect in connection with the redemption of our equity investment in Pillarstone Capital REIT Operating Partnership LP (“Pillarstone” or “Pillarstone OP.”); and other factors detailed in the Company's most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other documents the Company files with the Securities and Exchange Commission from time to time.

Non-GAAP Financial Measures

This release contains supplemental financial measures that are not calculated pursuant to U.S. generally accepted accounting principles (“GAAP”) including EBITDAre, FFO, Core FFO, NOI and net debt. Following are explanations and reconciliations of these metrics to their most comparable GAAP metric.

EBITDAre: The National Association of Real Estate Investment Trusts (“NAREIT”) defines EBITDAre as net income computed in accordance with GAAP, plus interest expense, income tax expense, depreciation and amortization and impairment write-downs of depreciable property and of investments in unconsolidated affiliates caused by a decrease in value of depreciable property in the affiliate, plus or minus losses and gains on the disposition of depreciable property, including losses/gains on change in control and adjustments to reflect the entity’s share of EBITDAre of the unconsolidated affiliates and consolidated affiliates with non-controlling interests. We calculate EBITDAre in a manner consistent with the NAREIT definition. Management believes that EBITDAre represents a supplemental non-GAAP performance measure that provides investors with a relevant basis for comparing REITs. There can be no assurance the EBITDAre as presented by the Company is comparable to similarly titled measures of other REITs. EBITDAre should not be considered as an alternative to net income or other measurements under GAAP as indicators of operating performance or to cash flows from operating, investing or financing activities as measures of liquidity. EBITDAre does not reflect working capital changes, cash expenditures for capital improvements or principal payments on indebtedness.

FFO: Funds From Operations: NAREIT defines FFO as net income (loss) (calculated in accordance with GAAP), excluding depreciation and amortization related to real estate, gains or losses from the sale of certain real estate assets, gains and losses from change in control, and impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity. We calculate FFO in a manner consistent with the NAREIT definition and also include adjustments for our unconsolidated real estate partnership.

Core Funds from Operations (“Core FFO”) is a non-GAAP measure. From time to time, we report or provide guidance with respect to “Core FFO” which removes the impact of certain non-recurring and non-operating transactions or other items we do not consider to be representative of our core operating results including, without limitation, default interest on debt of real estate partnership, extinguishment of debt cost, gains or losses associated with litigation involving the Company that is not in the normal course of business, and proxy contest costs.

Management uses FFO and Core FFO as a supplemental measure to conduct and evaluate our business because there are certain limitations associated with using GAAP net income alone as the primary measure of our operating performance. Historical cost accounting for real estate assets in accordance with GAAP implicitly assumes that the value of real estate assets diminishes predictably over time. Because real estate values instead have historically risen or fallen with market conditions, management believes that the presentation of operating results for real estate companies that use historical cost accounting is insufficient by itself. In addition, securities analysts, investors and other interested parties use FFO as the primary metric for comparing the relative performance of equity REITs. FFO and Core FFO should not be considered as alternatives to net income or other measurements under GAAP, as an indicator of our operating performance or to cash flows from operating, investing or financing activities as a measure of liquidity. FFO and Core FFO do not reflect working capital changes, cash expenditures for capital improvements or principal payments on indebtedness. Although our calculation of FFO is consistent with that of NAREIT, there can be no assurance that FFO and Core FFO presented by us is comparable to similarly titled measures of other REITs.

NOI: Net Operating Income: Management believes that NOI is a useful measure of our property operating performance. We define NOI as operating revenues (rental and other revenues) less property and related expenses (property operation and maintenance and real estate taxes). Other REITs may use different methodologies for calculating NOI and, accordingly, our NOI may not be comparable to other REITs. Because NOI excludes general and administrative expenses, depreciation and amortization, deficit in earnings of real estate partnership, interest expense, interest, dividend and other investment income, provision for income taxes, gain on sale of properties, loss on disposal of assets, and includes NOI of real estate partnership (pro rata) and net income attributable to noncontrolling interest, it provides a performance measure that, when compared year-over-year, reflects the revenues and expenses directly associated with owning and operating commercial real estate properties and the impact to operations from trends in occupancy rates, rental rates and operating costs, providing perspective not immediately apparent from net income. We use NOI to evaluate our operating performance since NOI allows us to evaluate the impact that factors such as occupancy levels, lease structure, lease rates and tenant base have on our results, margins and returns. In addition, management believes that NOI provides useful information to the investment community about our property and operating performance when compared to other REITs since NOI is generally recognized as a standard measure of property performance in the real estate industry. However, NOI should not be viewed as a measure of our overall financial performance since it does not reflect the level of capital expenditure and leasing costs necessary to maintain the operating performance of our properties, including general and administrative expenses, depreciation and amortization, equity or deficit in earnings of real estate partnership, interest expense, interest, dividend and other investment income, provision for income taxes, gain on sale of properties, and gain or loss on sale or disposition of assets.

Same Store NOI: Management believes that Same Store NOI is a useful measure of the Company’s property operating performance because it includes only the properties that have been owned for the entire period being compared, and that it is frequently used by the investment community. Same Store NOI assists in eliminating differences in NOI due to the acquisition or disposition of properties during the period being presented, providing a more consistent measure of the Company’s performance. The Company defines Same Store NOI as operating revenues (rental and other revenues, excluding straight-line rent adjustments, amortization of above/below market rents, and lease termination fees) less property and related expenses (property operation and maintenance and real estate taxes), Non-Same Store NOI, and NOI of our investment in Pillarstone OP (pro rata). We define “Non-Same Stores” as properties that have been acquired since the beginning of the period being compared and properties that have been sold, but not classified as discontinued operations. Other REITs may use different methodologies for calculating Same Store NOI, and accordingly, the Company's Same Store NOI may not be comparable to that of other REITs.

Net debt: We present net debt, which we define as total debt net of insurance financing less cash, and net debt to pro forma EBITDAre, which we define as net debt divided by EBITDAre because we believe they are helpful as supplemental measures in assessing our ability to service our financing obligations and in evaluating balance sheet leverage against that of other REITs. However, net debt and net debt to pro forma EBITDAre should not be viewed as a stand-alone measure of our overall liquidity and leverage. In addition, our REITs may use different methodologies for calculating net debt and net debt to pro forma EBITDAre, and accordingly our net debt and net debt to pro forma EBITDAre may not be comparable to that of other REITs.

Investor and Media Relations:

David Mordy

Director, Investor Relations

Whitestone REIT

(713) 435-2219

ir@whitestonereit.com

Whitestone REIT and Subsidiaries
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share data)

	December 31, 2025			December 31, 2024

ASSETS
Real estate assets, at cost
Property	$	1,354,112		$	1,248,223
Accumulated depreciation		(264,940	)		(246,534	)
Total real estate assets		1,089,172			1,001,689
Cash and cash equivalents		4,888			5,224
Restricted cash		2,472			10,146
Escrows and deposits		5,170			4,006
Accrued rents and accounts receivable, net of allowance for doubtful accounts ⁽¹⁾		37,447			33,820
Receivable from partnership redemption		—			31,643
Receivable due from related party		—			15,186
Unamortized lease commissions, legal fees and loan costs		17,865			14,693
Prepaid expenses and other assets⁽²⁾		3,934			7,805
Finance lease right-of-use assets		10,315			10,427
Total assets	$	1,171,263		$	1,134,639

LIABILITIES AND EQUITY
Liabilities:
Notes payable	$	643,925		$	631,518
Accounts payable and accrued expenses⁽³⁾		45,715			40,703
Payable due to related party		—			1,577
Tenants' security deposits		9,652			9,295
Dividends and distributions payable		7,370			6,931
Finance lease liabilities		741			781
Total liabilities		707,403			690,805
Commitments and contingencies:		—			—
Equity:
Preferred shares, $0.001 par value per share; 50,000,000 shares authorized; none issued and outstanding as of December 31, 2025 and December 31, 2024		—			—
Common shares, $0.001 par value per share; 400,000,000 shares authorized; 51,088,833 and 50,690,163 issued and outstanding as of December 31, 2025 and December 31, 2024, respectively		51			51
Additional paid-in capital		641,234			637,946
Accumulated deficit		(183,586	)		(205,557	)
Accumulated other comprehensive income		391			5,713
Total Whitestone REIT shareholders' equity		458,090			438,153
Noncontrolling interest in subsidiary		5,770			5,681
Total equity		463,860			443,834
Total liabilities and equity	$	1,171,263		$	1,134,639

Whitestone REIT and Subsidiaries
CONSOLIDATED BALANCE SHEETS
(in thousands)

	December 31, 2025			December 31, 2024
⁽¹⁾ Accrued rents and accounts receivable, net of allowance for doubtful accounts
Tenant receivables	$	17,025		$	17,285
Accrued rents and other recoveries		32,835			29,964
Allowance for doubtful accounts		(13,674	)		(14,720	)
Other receivables		1,261			1,291
Total accrued rents and accounts receivable, net of allowance for doubtful accounts	$	37,447		$	33,820

⁽²⁾ Operating lease right of use assets (net)	$	539		$	59
⁽³⁾ Operating lease liabilities	$	539		$	58

Whitestone REIT and Subsidiaries
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(in thousands)

	Three Months Ended December 31,						Year Ended December 31,
	2025			2024			2025			2024
Revenues
Rental⁽¹⁾	$	43,371		$	38,932		$	159,275		$	151,260
Management, transaction, and other fees		545			1,906			1,584			3,022
Total revenues		43,916			40,838			160,859			154,282

Operating expenses
Depreciation and amortization		9,757			8,652			35,929			34,894
Operating and maintenance		9,694			7,538			31,825			28,205
Real estate taxes		4,762			4,785			18,310			17,773
General and administrative		5,535			5,579			21,218			23,189
Total operating expenses		29,748			26,554			107,282			104,061

Other expenses (income)
Interest expense		8,626			8,222			33,672			34,035
Extinguishment of debt cost		1			—			798			—
Gain on sale of properties		(15,783	)		(11,913	)		(29,957	)		(22,125	)
Loss on disposal of assets,net		142			364			239			547
Gain on partnership redemption		(2,075	)		—			(2,075	)		—
Interest, dividend and other investment loss (income)		2			(72	)		(138	)		(87	)
Total other expenses (income)		(9,087	)		(3,399	)		2,539			12,370

Income before equity investment in real estate partnership and income tax		23,255			17,683			51,038			37,851

Deficit in earnings of real estate partnership		—			—			—			(28	)
Provision for income tax		(130	)		(123	)		(482	)		(450	)
Net income		23,125			17,560			50,556			37,373

Less: Net income attributable to noncontrolling interests		287			223			630			480

Net income attributable to Whitestone REIT	$	22,838		$	17,337		$	49,926		$	36,893

Whitestone REIT and Subsidiaries
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(in thousands, except per share data)

	Three Months Ended December 31,				Year Ended December 31,
	2025		2024		2025			2024
Basic Earnings Per Share:
Net income attributable to common shareholders, excluding amounts attributable to unvested restricted shares	$	0.45	$	0.34	$	0.98		$	0.73
Diluted Earnings Per Share:
Net income attributable to common shareholders, excluding amounts attributable to unvested restricted shares	$	0.43	$	0.33	$	0.95		$	0.72

Weighted average number of common shares outstanding:
Basic		51,028		50,650		50,959			50,214
Diluted		52,616		51,859		52,316			51,347

Consolidated Statements of Comprehensive Income (Loss)

Net income	$	23,125	$	17,560	$	50,556		$	37,373

Other comprehensive income (loss)

Unrealized gain (loss) on cash flow hedging activities		922		6,474		(5,390	)		3,178

Comprehensive income		24,047		24,034		45,166			40,551

Less: Net income attributable to noncontrolling interests		287		223		630			480
Less: Comprehensive income (loss) attributable to noncontrolling interests		11		82		(68	)		41

Comprehensive income attributable to Whitestone REIT	$	23,749	$	23,729	$	44,604		$	40,030

Whitestone REIT and Subsidiaries
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(in thousands)

	Three Months Ended December 31,						Year Ended December 31,
	2025			2024			2025			2024
(1) Rental
Rental revenues	$	29,894		$	27,580		$	113,428		$	108,930
Recoveries		13,575			11,549			46,724			43,558
Bad debt		(98	)		(197	)		(877	)		(1,228	)
Total rental	$	43,371		$	38,932		$	159,275		$	151,260

Whitestone REIT and Subsidiaries

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

	Year Ended December 31,
	2025			2024
Cash flows from operating activities:
Net income	$	50,556		$	37,373
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		35,929			34,894
Amortization of deferred loan costs		1,345			1,106
Gain on sale of properties		(29,957	)		(22,125	)
Gain on partnership redemption		(2,075	)		—
Loss on disposal of assets, net		239			547
Bad debt		877			1,228
Accretion of debt discount		38			—
Share-based compensation		5,319			4,579
Deficit in earnings of real estate partnership		—			28
Amortization of right-of-use assets - finance leases		93			87
Building improvements received due to lease termination		—			(749	)
Extinguishment of debt cost		798			—
Changes in operating assets and liabilities:
Escrows and deposits		(1,164	)		6,509
Accrued rents and accounts receivable		(4,346	)		(4,415	)
Receivable due from related party		224			(40	)
Unamortized lease commissions, legal fees and loan costs		(3,634	)		(3,536	)
Prepaid expenses and other assets		(1,013	)		2,280
Accounts payable and accrued expenses		(2,771	)		(220	)
Payable due to related party		(42	)		—
Tenants' security deposits		357			681
Net cash provided by operating activities		50,773			58,227
Cash flows from investing activities:
Acquisitions of real estate		(86,156	)		(55,751	)
Additions to real estate		(24,362	)		(22,410	)
Proceeds from sales of properties		42,234			52,004
Proceeds from sale of property held in restricted cash (1031 exchange)		—			10,146
Receipt of funds from real estate partnership for loan repayment		13,633			—
Proceeds from partnership redemption		33,354			—
Net cash used in investing activities		(21,297	)		(16,011	)
Cash flows from financing activities:
Distributions paid to common shareholders		(27,406	)		(24,572	)
Distributions paid to OP unit holders		(348	)		(321	)
Proceeds from issuance of common shares, net of offering costs		—			7,620
Payments of exchange offer costs		—			(81	)
Net payments of revolving credit facility		(73,209	)		(21,000	)
Proceeds from notes payable		—			76,340
Repayments of notes payable		(17,572	)		(66,016	)
Payment of loan origination costs		(6,643	)		(789	)
Repurchase of common shares		(2,268	)		(2,641	)
Proceeds from borrowings under unsecured term loan		375,000			—
Repayment of borrowings under unsecured term loan		(285,000	)		—
Payment of finance lease liability		(40	)		(26	)
Net cash used in financing activities		(37,486	)		(31,486	)
Net increase (decrease) in cash, cash equivalents and restricted cash		(8,010	)		10,730
Cash, cash equivalents and restricted cash at beginning of period		15,370			4,640
Cash, cash equivalents and restricted cash at end of period ⁽¹⁾	$	7,360		$	15,370

⁽¹⁾	For a reconciliation of cash, cash equivalents and restricted cash, see supplemental disclosures below.

Whitestone REIT and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
Supplemental Disclosures
(in thousands)

	Year Ended December 31,
	2025			2024
Supplemental disclosure of cash flow information:
Cash paid for interest	$	33,581		$	33,663
Cash paid for taxes	$	457		$	432
Non cash investing and financing activities:
Disposal of fully depreciated real estate	$	330		$	58
Financed insurance premiums	$	—		$	2,638
Value of shares issued under dividend reinvestment plan	$	112		$	36
Value of common shares exchanged for OP units	$	125		$	355
Change in fair value of cash flow hedge	$	(5,390	)	$	3,178
Recognition of finance lease liability	$	—		$	86
Accrued capital expenditures	$	3,364		$	2,062
Receivable from partnership redemption	$	—		$	31,643
Building improvements received due to lease termination	$	—		$	749
Recognition of operating lease liability	$	606		$	—
Receivable recognized for partnership interest redemption	$	158		$	—
Note payable assumed through property acquisition	$	17,650		$	—

	December 31,
	2025		2024
Cash, cash equivalents and restricted cash
Cash and cash equivalents	$	4,888	$	5,224
Restricted cash		2,472		10,146
Total cash, cash equivalents and restricted cash	$	7,360	$	15,370

Whitestone REIT and Subsidiaries
RECONCILIATION OF NON-GAAP MEASURES
(in thousands, except per share and per unit data)

	Three Months Ended December 31,						Year Ended December 31,
	2025			2024			2025			2024
FFO (NAREIT) AND CORE FFO
Net income attributable to Whitestone REIT	$	22,838		$	17,337		$	49,926		$	36,893
Adjustments to reconcile to FFO:⁽¹⁾
Depreciation and amortization of real estate assets		9,745			8,642			35,867			34,811
Depreciation and amortization of real estate assets of real estate partnership (pro rata) ⁽²⁾		—			—			—			111
Loss on disposal of assets, net		142			364			239			547
Gain on sale of properties		(15,783	)		(11,913	)		(29,957	)		(22,125	)
Gain on partnership redemption		(2,075	)		—			(2,075	)		—
Net income attributable to noncontrolling interests		287			223			630			480
FFO (NAREIT)	$	15,154		$	14,653		$	54,630		$	50,717
Adjustments to reconcile to Core FFO:
Extinguishment of debt cost		1			—			798			—
Proxy contest costs		—			—			—			1,757
Core FFO	$	15,155		$	14,653		$	55,428		$	52,474

FFO PER SHARE AND OP UNIT CALCULATION
Numerator:
FFO	$	15,154		$	14,653		$	54,630		$	50,717
Core FFO	$	15,155		$	14,653		$	55,428		$	52,474
Denominator:
Weighted average number of total common shares - basic		51,028			50,650			50,959			50,214
Weighted average number of total noncontrolling OP units - basic		641			649			643			653
Weighted average number of total common shares and noncontrolling OP units - basic		51,669			51,299			51,602			50,867

Effect of dilutive securities:
Unvested restricted shares		1,588			1,209			1,357			1,133
Weighted average number of total common shares and noncontrolling OP units - diluted		53,257			52,508			52,959			52,000

FFO per common share and OP unit - basic	$	0.29		$	0.29		$	1.06		$	1.00
FFO per common share and OP unit - diluted	$	0.28		$	0.28		$	1.03		$	0.98

Core FFO per common share and OP unit - basic	$	0.29		$	0.29		$	1.07		$	1.03
Core FFO per common share and OP unit - diluted	$	0.28		$	0.28		$	1.05		$	1.01

⁽¹⁾	Includes pro-rata share attributable to real estate partnership through January 25, 2024, the redemption date.

⁽²⁾

We rely on reporting provided to us by our third party partners for financial information regarding the Company’s investment in Pillarstone OP. Because Pillarstone OP financial statements as of and for the year ended December 31, 2024 have not been made available to us, we have estimated depreciation and amortization of real estate assets based on the information available to us at the time of this Report. On January 25, 2024, we exercised our redemption notice for substantially all of our investment in Pillarstone OP. As a result, our ownership no longer represents a majority interest.

Whitestone REIT and Subsidiaries
RECONCILIATION OF NON-GAAP MEASURES
(continued)
(in thousands)

	Three Months Ended December 31,						Year Ended December 31,
	2025			2024			2025			2024
PROPERTY NET OPERATING INCOME
Net income attributable to Whitestone REIT	$	22,838		$	17,337		$	49,926		$	36,893
General and administrative expenses		5,535			5,579			21,218			23,189
Depreciation and amortization		9,757			8,652			35,929			34,894
Deficit in earnings of real estate partnership ⁽¹⁾		—			—			—			28
Interest expense		8,626			8,222			33,672			34,035
Extinguishment of debt cost		1			—			798			—
Interest, dividend and other investment income		2			(72	)		(138	)		(87	)
Provision for income taxes		130			123			482			450
Gain on sale of properties		(15,783	)		(11,913	)		(29,957	)		(22,125	)
Loss on disposal of assets, net		142			364			239			547
Gain on partnership redemption		(2,075	)		—			(2,075	)		—
NOI of real estate partnership (pro rata)⁽¹⁾		—			—			—			183
Net income attributable to noncontrolling interests		287			223			630			480
NOI	$	29,460		$	28,515		$	110,724		$	108,487
Non-Same Store NOI ⁽²⁾		(1,848	)		(779	)		(9,114	)		(8,640	)
NOI of real estate partnership (pro rata) ⁽¹⁾		—			—			—			(183	)
NOI less Non-Same Store NOI and NOI of real estate partnership (pro rata)		27,612			27,736			101,610			99,664
Same Store straight-line rent adjustments		(760	)		(547	)		(2,682	)		(3,160	)
Same Store amortization of above/below market rents		(215	)		(243	)		(490	)		(787	)
Same Store lease termination fees		(386	)		(1,662	)		(892	)		(1,961	)
Same Store NOI ⁽³⁾	$	26,251		$	25,284		$	97,546		$	93,756

⁽¹⁾

We rely on reporting provided to us by our third party partners for financial information regarding the Company’s investment in Pillarstone OP. Because Pillarstone OP financial statements for the year ended December 31, 2024 have not been made available to us, we have estimated deficit in earnings and pro rata share of NOI of real estate partnership based on the information available to us at the time of this Report. On January 25, 2024, we exercised our redemption notice for substantially all of our investment in Pillarstone OP. As a result, our ownership no longer represents a majority interest

⁽²⁾

We define “Non-Same Store” as properties that have been acquired since the beginning of the period being compared and properties that have been sold, but not classified as discontinued operations. For purpose of comparing the three months ended December 31, 2025 to the three months ended December 31, 2024, Non-Same Store includes properties acquired between October 1, 2024 and December 31, 2025, and properties sold between October 1, 2024 and December 31, 2025, but not included in discontinued operations. For purposes of comparing the twelve months ended December 31, 2025 to the twelve months ended December 31, 2024, Non-Same Store includes properties acquired between January 1, 2024 and December 31, 2025 and properties sold between January 1, 2024 and December 31, 2025, but not included in discontinued operations.

⁽³⁾

We define “Same Store” as properties that have been owned during the entire period being compared. For purpose of comparing the three months ended December 31, 2025 to the three months ended December 31, 2024, Same Store includes properties owned before October 1, 2024 and not sold before December 31, 2025. For purposes of comparing the twelve months ended December 31, 2025 to the twelve months ended December 31, 2024, Same Store includes properties owned before January 1, 2024 and not sold before December 31, 2025. Straight line rent adjustments, above/below market rents, and lease termination fees are excluded.

Whitestone REIT and Subsidiaries
RECONCILIATION OF NON-GAAP MEASURES
(continued)
(in thousands)

	Three Months Ended December 31,						Year Ended December 31,
	2025			2024			2025			2024
EARNINGS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTIZATION FOR REAL ESTATE (EBITDAre)

Net income attributable to Whitestone REIT	$	22,838		$	17,337		$	49,926		$	36,893
Depreciation and amortization		9,757			8,652			35,929			34,894
Interest expense		8,626			8,222			33,672			34,035
Extinguishment of debt cost		1			—			798			—
Provision for income taxes		130			123			482			450
Net income attributable to noncontrolling interests		287			223			630			480
Deficit in earnings of real estate partnership ⁽¹⁾		—			—			—			28
EBITDAre adjustments for real estate partnership ⁽¹⁾		—			—			—			136
Gain on sale of properties		(15,783	)		(11,913	)		(29,957	)		(22,125	)
Gain on partnership redemption		(2,075	)		—			(2,075	)		—
Loss on disposal of assets, net		142			364			239			547
EBITDAre	$	23,923		$	23,008		$	89,644		$	85,338

(1)

We rely on reporting provided to us by our third-party partners for financial information regarding the Company’s investment in Pillarstone OP. Because Pillarstone OP financial statements for the year ended December 31, 2024 have not been made available to us, we have estimated deficit in earnings and EBITDAre adjustments for real estate partnership based on the information available to us at the time of this Report. On January 25, 2024, we exercised our redemption notice for substantially all of our investment in Pillarstone OP. As a result, our ownership no longer represents a majority interest.

Whitestone REIT and Subsidiaries

RECONCILIATION OF NON-GAAP MEASURES

Initial Full Year Guidance for 2026

(in thousands, except per share and per unit data)

	Projected Range Full Year 2026
	Low		High
FFO and Core FFO per diluted share and OP unit

Net income attributable to Whitestone REIT	$	20,580	$	22,730
Adjustments to reconcile to FFO
Depreciation and amortization of real estate assets		38,133		38,133
Adjustments		—		—
Net income attributable to noncontrolling interest		351		351
FFO	$	59,064	$	61,214
Adjustments to reconcile to Core FFO
Adjustments		—		—
Core FFO ⁽¹⁾	$	59,064	$	61,214
Denominator:
Dilutive shares		52,826		52,826
OP Units		649		649
Dilutive share and OP Units		53,475		53,475

Net income attributable to Whitestone REIT per diluted share	$	0.38	$	0.43

FFO per diluted share and OP Unit	$	1.10	$	1.14

Core FFO per diluted share and OP Unit ⁽¹⁾	$	1.10	$	1.14

⁽¹⁾	Guidance does not include the operational or capital impact of any future unannounced acquisition or disposition activity or the collection of any amounts due us from our claims in the Pillarstone bankruptcy.

Exhibit 99.2

Table of Contents

TABLE OF CONTENTS

	Page

Corporate Profile	1
Fourth Quarter 2025 Earnings Release	2
Financial Results	7
Consolidated Balance Sheets	7
Consolidated Statements of Operations and Comprehensive Income (Loss)	9
Consolidated Statements of Cash Flows	12
Reconciliation of Non-GAAP Measures	14
Same Store Property Analysis	18
Other Financial Information	20
Market Capitalization and Selected Ratios	21
Summary of Outstanding Debt and Debt Maturities	23
Summary of Top Tenants	24
Tenant Type Summary	26
Summary of Leasing Activity	27
Lease Expirations	30
Property Details	31

Table of Contents

CORPORATE PROFILE

NYSE: WSR

Common Shares

56 Community Centers

4.9 million sq. ft. of gross

leasable area

1,458 tenants

Top Growth Markets

Austin

Dallas

Houston

Phoenix

San Antonio

Fiscal Year End

12/31

Common Shares &

Units Outstanding*:

Common Shares: 51.1 million

Operating Partnership Units:

0.6 million

Whitestone REIT (NYSE: WSR) is a community-centered shopping center REIT that acquires, owns, manages, develops and redevelops high-quality open-air neighborhood centers primarily in the largest, fastest-growing and high-household-income markets in the Sunbelt. Whitestone creates communities that thrive through creating local connections between consumers in the surrounding communities and a well-crafted mix of national, regional and local tenants that provide daily necessities, needed services, entertainment and experiences. Whitestone has consistently paid a monthly dividend for more than 15 years. The Company’s balanced and well-managed capital structure provides stability and flexibility to support it through a multitude of economic cycles.

We invest in properties that are or can become Community Centered Properties® from which our tenants deliver needed services to the surrounding population. We focus on properties with smaller rental spaces that present opportunities for attractive returns.

Our strategic efforts target entrepreneurial, service-oriented tenants at each property who provide services to their respective surrounding communities. Operations include an internal management structure providing cost-effective services to locally-oriented, smaller space tenants. Multi-cultural community focus sets us apart from traditional commercial real estate operators. We value diversity on our team and maintain in-house leasing, property management, marketing, construction, and maintenance departments with culturally diverse and multi-lingual associates who understand the particular needs of our tenants and neighborhoods.

We have a diverse tenant base concentrated on service offerings such as specialty retail, grocery, restaurants, medical, educational and financial services, and entertainment. These tenants tend to occupy smaller spaces (less than 10,000 square feet) and, as of December 31, 2025, provided a 104% premium rental rate compared to our larger space tenants. The largest of our 1,458 tenants at our wholly owned properties comprised only 2.1% of our annualized revenues for the three months ended December 31, 2025.

*Distribution (per share / unit):**
Quarter: $ 0.1425	Investor Relations:
Annualized: $ 0.57	Whitestone REIT
Dividend Yield: 3.74%**	David Mordy
	Director, Investor Relations
	2600 South Gessner, Suite 500, Houston, Texas 77063
Board of Trustees:	713.435.2219 email: ir@whitestonereit.com
Amy S. Feng	website: www.whitestonereit.com
Julia B. Buthman
Kristian M. Gathright	Analyst Coverage:
David K. Holeman	Alliance Global Partners	B. Riley Securities	Colliers	JMP Securities
Jeffrey A. Jones	Gaurav Mehta	John Massocca	Barry Oxford	Mitchell Germain
Donald A. Miller	646.908.3825	646.885.5424	203.961.6573	212.906.3537
	gmehta@allianceg.com	jmassocca@brileyfin.com	barry.oxford@colliers.com	mgermain@jmpsecurities.com


	Ladenburg Thalmann	Lucid Capital Markets	Maxim Group	Truist Securities
* As of February 23, 2026	Floris van Dijkum	Craig Kucera	Michael Diana	Anthony Hau
** Based on common share price	212.409.2075	917.890.4412	212.895.3641	212.303.4176
of $15.25 as of close of market on	fvandijkum@ladenburg.com	ckucera@lucidcm.com	mdiana@maximgrp.com	anthony.hau@truist.com
February 23, 2026.

	Cantor Fitzgerald & Co.
	Jay Kornreich
	602.214.6027
	Jay.Kornreich@Cantor.com

	We are followed by the analysts listed above. Please note that any opinions, estimates or forecasts regarding our performance made by these analysts are theirs alone and do not represent opinions, forecasts or predictions of our management. We do not by our reference above or distribution imply our endorsement of or concurrence with such information, conclusions or recommendations.

Table of Contents

WHITESTONE REIT

REPORTS FOURTH QUARTER AND FULL YEAR 2025 RESULTS

– Dave Holeman, Chief Executive Officer

Fourth Quarter 2025 Operating and Financial Results

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

Reconciliations of Net Income Attributable to Whitestone REIT to FFO, Core FFO, NOI and EBITDAre are included herein.

•

Revenues of $43.9 million versus $40.8 million for the fourth quarter of 2024.

•

Core Funds from Operations (“Core FFO”) of $15.2 million versus $14.7 million for the fourth quarter of 2024.

•

Core FFO per diluted share was $0.28 versus $0.28 for the fourth quarter of 2024.

•

Fund From Operations (“FFO”) of $15.2 million versus $14.7 million for the fourth quarter of 2024.

•

FFO per diluted share of $0.28 versus $0.28 for the fourth quarter of 2024.

•

EBITDAre of $23.9 million versus $23.0 million for the fourth quarter of 2024.

•

Same-Store Net Operating Income (“NOI”) grew 3.8% to $26.3 million versus $25.3 million for the fourth quarter of 2024.

•

Net Effective Annual Base Rental Revenue per leased square foot was up 5% to $25.73, compared to the prior year quarter.

Full Year 2025 Operating and Financial Results

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

•

Revenues of $160.9 million versus $154.3 million for 2024.

•

Core Funds from Operations (“Core FFO”) of $55.4 million versus $52.5 million for 2024.

•

Core FFO per diluted share of $1.05 versus $1.01 for 2024.

•

Funds from Operations (“FFO”) of $54.6 million versus $50.7 million for 2024.

•

FFO per diluted share of $1.03 versus $0.98 for 2024.

•

EBITDAre of $89.6 million versus $85.3 million for 2024.

•

Same-Store Net Operating Income (“NOI”) grew 4% to $97.5 million versus $93.8 million for 2024.

Operating Results

For the three month periods ending December 31, 2025 and 2024, the Company’s operating highlights were as follows:

	Fourth Quarter 2025		Fourth Quarter 2024
Occupancy:
Wholly Owned Properties – All		94.6%		94.1%
>10,000 Sq Ft Occupancy		97.7%		97.4%
≤ 10,000 Sq Ft Occupancy		92.7%		92.1%
Same Store Property Net Operating Income Change ⁽¹⁾		3.8%		5.8%
Rental Rate Growth - Total (GAAP Basis):		18.2%		21.9%
New Leases		25.9%		36.1%
Renewal Leases		16.6%		19.0%
Leasing Transactions:
Number of New Leases		19		29
New Leases - Lease Term Revenue (millions)	$	11.3	$	40.6
Number of Renewal Leases		23		50
Renewal Leases - Lease Term Revenue (millions)	$	7.7	$	15.9

Table of Contents

Balance Sheet and Debt Metrics

•

As of December 31, 2025, the Company has undepreciated real estate assets of $1.4 billion.

Dividend

On December 18, 2025, the Board of Trustees of Whitestone REIT approved a change to the Company’s dividend payment schedule from a monthly dividend to a quarterly dividend.

2026 Full Year Guidance

	Initial 2026 Guidance	2025 Actual
	(unaudited, amounts in thousands except per share and percentages)
Net income attributable to Whitestone REIT	$20,580 -$22,730	$49,926
Core FFO ⁽¹⁾	$59,064 - $61,214	$55,428

Net income attributable to Whitestone REIT per share	$0.38 - $0.43	$0.95
Core FFO per diluted share and OP Unit ⁽¹⁾	$1.10 - $1.14	$1.05

Key Drivers:
Same store net operating income growth ⁽²⁾	3.0% - 4.75%	4%
Bad debt as a percentage of revenue	0.50% - 1.00%	0.55%
Interest expense	$32,600 - $34,100	$33,672

⁽¹⁾

⁽²⁾	Excludes straight-line rent, amortization of above/below market rates and lease termination fees for both periods.

Portfolio Statistics

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Conference Call Information

Dial-in number for domestic participants:	1-877-407-0784
Dial-in number for international participants:	1-201-689-8560

The conference call will be recorded, and a telephone replay will be available through Thursday, March 12, 2026. Replay access information is as follows:

Replay number for domestic participants:	1-844-512-2921
Replay number for international participants:	1-412-317-6671
Passcode (for all participants):	13757652

Supplemental Financial Information

About Whitestone REIT

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Forward-Looking Statements

Non-GAAP Financial Measures

Table of Contents

Investor and Media Relations:

David Mordy

Director, Investor Relations

Whitestone REIT

(713) 435-2219

ir@whitestonereit.com

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Whitestone REIT and Subsidiaries
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share data)

	December 31, 2025			December 31, 2024

ASSETS
Real estate assets, at cost
Property	$	1,354,112		$	1,248,223
Accumulated depreciation		(264,940	)		(246,534	)
Total real estate assets		1,089,172			1,001,689
Cash and cash equivalents		4,888			5,224
Restricted cash		2,472			10,146
Escrows and deposits		5,170			4,006
Accrued rents and accounts receivable, net of allowance for doubtful accounts ⁽¹⁾		37,447			33,820
Receivable from partnership redemption		—			31,643
Receivable due from related party		—			15,186
Unamortized lease commissions, legal fees and loan costs		17,865			14,693
Prepaid expenses and other assets⁽²⁾		3,934			7,805
Finance lease right-of-use assets		10,315			10,427
Total assets	$	1,171,263		$	1,134,639

LIABILITIES AND EQUITY
Liabilities:
Notes payable	$	643,925		$	631,518
Accounts payable and accrued expenses⁽³⁾		45,715			40,703
Payable due to related party		—			1,577
Tenants' security deposits		9,652			9,295
Dividends and distributions payable		7,370			6,931
Finance lease liabilities		741			781
Total liabilities		707,403			690,805
Commitments and contingencies:		—			—
Equity:
Preferred shares, $0.001 par value per share; 50,000,000 shares authorized; none issued and outstanding as of December 31, 2025 and December 31, 2024		—			—
Common shares, $0.001 par value per share; 400,000,000 shares authorized; 51,088,833 and 50,690,163 issued and outstanding as of December 31, 2025 and December 31, 2024, respectively		51			51
Additional paid-in capital		641,234			637,946
Accumulated deficit		(183,586	)		(205,557	)
Accumulated other comprehensive income		391			5,713
Total Whitestone REIT shareholders' equity		458,090			438,153
Noncontrolling interest in subsidiary		5,770			5,681
Total equity		463,860			443,834
Total liabilities and equity	$	1,171,263		$	1,134,639

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Whitestone REIT and Subsidiaries
CONSOLIDATED BALANCE SHEETS
(in thousands)

	December 31, 2025			December 31, 2024
⁽¹⁾ Accrued rents and accounts receivable, net of allowance for doubtful accounts
Tenant receivables	$	17,025		$	17,285
Accrued rents and other recoveries		32,835			29,964
Allowance for doubtful accounts		(13,674	)		(14,720	)
Other receivables		1,261			1,291
Total accrued rents and accounts receivable, net of allowance for doubtful accounts	$	37,447		$	33,820

⁽²⁾ Operating lease right of use assets (net)	$	539		$	59
⁽³⁾ Operating lease liabilities	$	539		$	58

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Whitestone REIT and Subsidiaries
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(in thousands)

	Three Months Ended December 31,						Year Ended December 31,
	2025			2024			2025			2024
Revenues
Rental⁽¹⁾	$	43,371		$	38,932		$	159,275		$	151,260
Management, transaction, and other fees		545			1,906			1,584			3,022
Total revenues		43,916			40,838			160,859			154,282

Operating expenses
Depreciation and amortization		9,757			8,652			35,929			34,894
Operating and maintenance		9,694			7,538			31,825			28,205
Real estate taxes		4,762			4,785			18,310			17,773
General and administrative		5,535			5,579			21,218			23,189
Total operating expenses		29,748			26,554			107,282			104,061

Other expenses (income)
Interest expense		8,626			8,222			33,672			34,035
Extinguishment of debt cost		1			—			798			—
Gain on sale of properties		(15,783	)		(11,913	)		(29,957	)		(22,125	)
Loss on disposal of assets,net		142			364			239			547
Gain on partnership redemption		(2,075	)		—			(2,075	)		—
Interest, dividend and other investment loss (income)		2			(72	)		(138	)		(87	)
Total other expenses (income)		(9,087	)		(3,399	)		2,539			12,370

Income before equity investment in real estate partnership and income tax		23,255			17,683			51,038			37,851

Deficit in earnings of real estate partnership		—			—			—			(28	)
Provision for income tax		(130	)		(123	)		(482	)		(450	)
Net income		23,125			17,560			50,556			37,373

Less: Net income attributable to noncontrolling interests		287			223			630			480

Net income attributable to Whitestone REIT	$	22,838		$	17,337		$	49,926		$	36,893

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Whitestone REIT and Subsidiaries
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(in thousands, except per share data)

	Three Months Ended December 31,				Year Ended December 31,
	2025		2024		2025			2024
Basic Earnings Per Share:
Net income attributable to common shareholders, excluding amounts attributable to unvested restricted shares	$	0.45	$	0.34	$	0.98		$	0.73
Diluted Earnings Per Share:
Net income attributable to common shareholders, excluding amounts attributable to unvested restricted shares	$	0.43	$	0.33	$	0.95		$	0.72

Weighted average number of common shares outstanding:
Basic		51,028		50,650		50,959			50,214
Diluted		52,616		51,859		52,316			51,347

Consolidated Statements of Comprehensive Income (Loss)

Net income	$	23,125	$	17,560	$	50,556		$	37,373

Other comprehensive income (loss)

Unrealized gain (loss) on cash flow hedging activities		922		6,474		(5,390	)		3,178

Comprehensive income		24,047		24,034		45,166			40,551

Less: Net income attributable to noncontrolling interests		287		223		630			480
Less: Comprehensive income (loss) attributable to noncontrolling interests		11		82		(68	)		41

Comprehensive income attributable to Whitestone REIT	$	23,749	$	23,729	$	44,604		$	40,030

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Whitestone REIT and Subsidiaries
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(in thousands)

	Three Months Ended December 31,						Year Ended December 31,
	2025			2024			2025			2024
⁽¹⁾ Rental
Rental revenues	$	29,894		$	27,580		$	113,428		$	108,930
Recoveries		13,575			11,549			46,724			43,558
Bad debt		(98	)		(197	)		(877	)		(1,228	)
Total rental	$	43,371		$	38,932		$	159,275		$	151,260

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Whitestone REIT and Subsidiaries

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

	Year Ended December 31,
	2025			2024
Cash flows from operating activities:
Net income	$	50,556		$	37,373
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		35,929			34,894
Amortization of deferred loan costs		1,345			1,106
Gain on sale of properties		(29,957	)		(22,125	)
Gain on partnership redemption		(2,075	)		—
Loss on disposal of assets, net		239			547
Bad debt		877			1,228
Accretion of debt discount		38			—
Share-based compensation		5,319			4,579
Deficit in earnings of real estate partnership		—			28
Amortization of right-of-use assets - finance leases		93			87
Building improvements received due to lease termination		—			(749	)
Extinguishment of debt cost		798			—
Changes in operating assets and liabilities:
Escrows and deposits		(1,164	)		6,509
Accrued rents and accounts receivable		(4,346	)		(4,415	)
Receivable due from related party		224			(40	)
Unamortized lease commissions, legal fees and loan costs		(3,634	)		(3,536	)
Prepaid expenses and other assets		(1,013	)		2,280
Accounts payable and accrued expenses		(2,771	)		(220	)
Payable due to related party		(42	)		—
Tenants' security deposits		357			681
Net cash provided by operating activities		50,773			58,227
Cash flows from investing activities:
Acquisitions of real estate		(86,156	)		(55,751	)
Additions to real estate		(24,362	)		(22,410	)
Proceeds from sales of properties		42,234			52,004
Proceeds from sale of property held in restricted cash (1031 exchange)		—			10,146
Receipt of funds from real estate partnership for loan repayment		13,633			—
Proceeds from partnership redemption		33,354			—
Net cash used in investing activities		(21,297	)		(16,011	)
Cash flows from financing activities:
Distributions paid to common shareholders		(27,406	)		(24,572	)
Distributions paid to OP unit holders		(348	)		(321	)
Proceeds from issuance of common shares, net of offering costs		—			7,620
Payments of exchange offer costs		—			(81	)
Net payments of revolving credit facility		(73,209	)		(21,000	)
Proceeds from notes payable		—			76,340
Repayments of notes payable		(17,572	)		(66,016	)
Payment of loan origination costs		(6,643	)		(789	)
Repurchase of common shares		(2,268	)		(2,641	)
Proceeds from borrowings under unsecured term loan		375,000			—
Repayment of borrowings under unsecured term loan		(285,000	)		—
Payment of finance lease liability		(40	)		(26	)
Net cash used in financing activities		(37,486	)		(31,486	)
Net increase (decrease) in cash, cash equivalents and restricted cash		(8,010	)		10,730
Cash, cash equivalents and restricted cash at beginning of period		15,370			4,640
Cash, cash equivalents and restricted cash at end of period (1)	$	7,360		$	15,370

⁽¹⁾	For a reconciliation of cash, cash equivalents and restricted cash, see supplemental disclosures below.

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Whitestone REIT and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
Supplemental Disclosures
(in thousands)

	Year Ended December 31,
	2025			2024
Supplemental disclosure of cash flow information:
Cash paid for interest	$	33,581		$	33,663
Cash paid for taxes	$	457		$	432
Non cash investing and financing activities:
Disposal of fully depreciated real estate	$	330		$	58
Financed insurance premiums	$	—		$	2,638
Value of shares issued under dividend reinvestment plan	$	112		$	36
Value of common shares exchanged for OP units	$	125		$	355
Change in fair value of cash flow hedge	$	(5,390	)	$	3,178
Recognition of finance lease liability	$	—		$	86
Accrued capital expenditures	$	3,364		$	2,062
Receivable from partnership redemption	$	—		$	31,643
Building improvements received due to lease termination	$	—		$	749
Recognition of operating lease liability	$	606		$	—
Receivable recognized for partnership interest redemption	$	158		$	—
Note payable assumed through property acquisition	$	17,650		$	—

	December 31,
	2025		2024
Cash, cash equivalents and restricted cash
Cash and cash equivalents	$	4,888	$	5,224
Restricted cash		2,472		10,146
Total cash, cash equivalents and restricted cash	$	7,360	$	15,370

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Whitestone REIT and Subsidiaries
RECONCILIATION OF NON-GAAP MEASURES
(in thousands, except per share and per unit data)

	Three Months Ended December 31,						Year Ended December 31,
	2025			2024			2025			2024
FFO (NAREIT) AND CORE FFO
Net income attributable to Whitestone REIT	$	22,838		$	17,337		$	49,926		$	36,893
Adjustments to reconcile to FFO:⁽¹⁾
Depreciation and amortization of real estate assets		9,745			8,642			35,867			34,811
Depreciation and amortization of real estate assets of real estate partnership (pro rata) ⁽²⁾		—			—			—			111
Loss on disposal of assets, net		142			364			239			547
Gain on sale of properties		(15,783	)		(11,913	)		(29,957	)		(22,125	)
Gain on partnership redemption		(2,075	)		—			(2,075	)		—
Net income attributable to noncontrolling interests		287			223			630			480
FFO (NAREIT)	$	15,154		$	14,653		$	54,630		$	50,717
Adjustments to reconcile to Core FFO:
Extinguishment of debt cost		1			—			798			—
Proxy contest costs		—			—			—			1,757
Core FFO	$	15,155		$	14,653		$	55,428		$	52,474

FFO PER SHARE AND OP UNIT CALCULATION
Numerator:
FFO	$	15,154		$	14,653		$	54,630		$	50,717
Core FFO	$	15,155		$	14,653		$	55,428		$	52,474
Denominator:
Weighted average number of total common shares - basic		51,028			50,650			50,959			50,214
Weighted average number of total noncontrolling OP units - basic		641			649			643			653
Weighted average number of total common shares and noncontrolling OP units - basic		51,669			51,299			51,602			50,867

Effect of dilutive securities:
Unvested restricted shares		1,588			1,209			1,357			1,133
Weighted average number of total common shares and noncontrolling OP units - diluted		53,257			52,508			52,959			52,000

FFO per common share and OP unit - basic	$	0.29		$	0.29		$	1.06		$	1.00
FFO per common share and OP unit - diluted	$	0.28		$	0.28		$	1.03		$	0.98

Core FFO per common share and OP unit - basic	$	0.29		$	0.29		$	1.07		$	1.03
Core FFO per common share and OP unit - diluted	$	0.28		$	0.28		$	1.05		$	1.01

⁽¹⁾	Includes pro-rata share attributable to real estate partnership through January 25, 2024, the redemption date.

⁽²⁾

We rely on reporting provided to us by our third-party partners for financial information regarding the Company’s investment in Pillarstone OP. Because Pillarstone OP financial statements as of and for the year ended December 31, 2024 have not been made available to us, we have estimated depreciation and amortization of real estate assets based on the information available to us at the time of this Report. On January 25, 2024, we exercised our redemption notice for substantially all of our investment in Pillarstone OP. As a result, our ownership no longer represents a majority interest.

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Whitestone REIT and Subsidiaries
RECONCILIATION OF NON-GAAP MEASURES
(continued)
(in thousands)

	Three Months Ended December 31,						Year Ended December 31,
	2025			2024			2025			2024
PROPERTY NET OPERATING INCOME
Net income attributable to Whitestone REIT	$	22,838		$	17,337		$	49,926		$	36,893
General and administrative expenses		5,535			5,579			21,218			23,189
Depreciation and amortization		9,757			8,652			35,929			34,894
Deficit in earnings of real estate partnership ⁽¹⁾		—			—			—			28
Interest expense		8,626			8,222			33,672			34,035
Extinguishment of debt cost		1			—			798			—
Interest, dividend and other investment income		2			(72	)		(138	)		(87	)
Provision for income taxes		130			123			482			450
Gain on sale of properties		(15,783	)		(11,913	)		(29,957	)		(22,125	)
Loss on disposal of assets, net		142			364			239			547
Gain on partnership redemption		(2,075	)		—			(2,075	)		—
NOI of real estate partnership (pro rata)⁽¹⁾		—			—			—			183
Net income attributable to noncontrolling interests		287			223			630			480
NOI	$	29,460		$	28,515		$	110,724		$	108,487
Non-Same Store NOI ⁽²⁾		(1,848	)		(779	)		(9,114	)		(8,640	)
NOI of real estate partnership (pro rata) ⁽¹⁾		—			—			—			(183	)
NOI less Non-Same Store NOI and NOI of real estate partnership (pro rata)		27,612			27,736			101,610			99,664
Same Store straight-line rent adjustments		(760	)		(547	)		(2,682	)		(3,160	)
Same Store amortization of above/below market rents		(215	)		(243	)		(490	)		(787	)
Same Store lease termination fees		(386	)		(1,662	)		(892	)		(1,961	)
Same Store NOI ⁽³⁾	$	26,251		$	25,284		$	97,546		$	93,756

⁽¹⁾

We rely on reporting provided to us by our third-party partners for financial information regarding the Company’s investment in Pillarstone OP. Because Pillarstone OP financial statements for the year ended December 31, 2024 have not been made available to us, we have estimated deficit in earnings and pro rata share of NOI of real estate partnership based on the information available to us at the time of this Report. On January 25, 2024, we exercised our redemption notice for substantially all of our investment in Pillarstone OP. As a result, our ownership no longer represents a majority interest.

⁽²⁾

⁽³⁾

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Whitestone REIT and Subsidiaries
RECONCILIATION OF NON-GAAP MEASURES
(continued)
(in thousands)

	Three Months Ended December 31,						Year Ended December 31,
	2025			2024			2025			2024
EARNINGS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTIZATION FOR REAL ESTATE (EBITDAre)

Net income attributable to Whitestone REIT	$	22,838		$	17,337		$	49,926		$	36,893
Depreciation and amortization		9,757			8,652			35,929			34,894
Interest expense		8,626			8,222			33,672			34,035
Extinguishment of debt cost		1			—			798			—
Provision for income taxes		130			123			482			450
Net income attributable to noncontrolling interests		287			223			630			480
Deficit in earnings of real estate partnership ⁽¹⁾		—			—			—			28
EBITDAre adjustments for real estate partnership ⁽¹⁾		—			—			—			136
Gain on sale of properties		(15,783	)		(11,913	)		(29,957	)		(22,125	)
Gain on partnership redemption		(2,075	)		—			(2,075	)		—
Loss on disposal of assets, net		142			364			239			547
EBITDAre	$	23,923		$	23,008		$	89,644		$	85,338

⁽¹⁾

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Whitestone REIT and Subsidiaries

RECONCILIATION OF NON-GAAP MEASURES

Initial Full Year Guidance for 2026

(in thousands, except per share and per unit data)

	Projected Range Full Year 2026
	Low		High
FFO and Core FFO per diluted share and OP unit

Net income attributable to Whitestone REIT	$	20,580	$	22,730
Adjustments to reconcile to FFO
Depreciation and amortization of real estate assets		38,133		38,133
Adjustments		—		—
Net income attributable to noncontrolling interest		351		351
FFO	$	59,064	$	61,214
Adjustments to reconcile to Core FFO
Adjustments	$	—	$	—
Core FFO⁽¹⁾	$	59,064	$	61,214
Denominator:
Dilutive shares		52,826		52,826
OP Units		649		649
Dilutive share and OP Units		53,475		53,475

Net income attributable to Whitestone REIT per diluted share	$	0.38	$	0.43

FFO per diluted share and OP Unit	$	1.10	$	1.14

Core FFO per diluted share and OP Unit ⁽¹⁾	$	1.10	$	1.14

⁽¹⁾	Guidance does not include the operational or capital impact of any future unannounced acquisition or disposition activity or the collection of any amounts due us from our claims in the Pillarstone bankruptcy.

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Whitestone REIT and Subsidiaries
SAME STORE PROPERTY ANALYSIS
(in thousands)

	Three Months Ended December 31,						Increase			% Increase
	2025			2024			(Decrease)			(Decrease)
Same Store (46 properties excluding development land)
Property revenues
Rental	$	40,981		$	37,559		$	3,422			9	%
Management, transaction and other fees		522			1,903			(1,381	)		(73	)%
Total property revenues		41,503			39,462			2,041			5	%

Property expenses
Property operation and maintenance		9,258			7,126			2,132			30	%
Real estate taxes		4,633			4,600			33			1	%
Total property expenses		13,891			11,726			2,165			18	%

Total property revenues less total property expenses		27,612			27,736			(124	)		0	%

Same Store straight-line rent adjustments		(760	)		(547	)		(213	)		39	%
Same Store amortization of above/below market rents		(215	)		(243	)		28			(12	)%
Same Store lease termination fees		(386	)		(1,662	)		1,276			(77	)%

Same Store NOI ⁽¹⁾	$	26,251		$	25,284		$	967			3.8	%

⁽¹⁾	For a reconciliation of Same Store NOI, see previous section “Reconciliation of Non-GAAP Measures.”

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Whitestone REIT and Subsidiaries
SAME STORE PROPERTY ANALYSIS
(in thousands)

	Year Ended December 31,						Increase			% Increase
	2025			2024			(Decrease)			(Decrease)
Same Store (44 properties excluding development land)
Property revenues
Rental	$	146,172		$	138,769		$	7,403		5%
Management, transaction and other fees		1,515			2,731			(1,216	)	(45)%
Total property revenues		147,687			141,500			6,187		4%

Property expenses
Property operation and maintenance		29,300			25,488			3,812		15%
Real estate taxes		16,777			16,348			429		3%
Total property expenses		46,077			41,836			4,241		10%

Total property revenues less total property expenses		101,610			99,664			1,946		2%

Same Store straight-line rent adjustments		(2,682	)		(3,160	)		478		(15)%
Same Store amortization of above/below market rents		(490	)		(787	)		297		(38)%
Same Store lease termination fees		(892	)		(1,961	)		1,069		(55)%

Same Store NOI ⁽¹⁾	$	97,546		$	93,756		$	3,790		4.0%

⁽¹⁾	For a reconciliation of Same Store NOI, see previous section “Reconciliation of Non-GAAP Measures.”

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Whitestone REIT and Subsidiaries
OTHER FINANCIAL INFORMATION
(in thousands, except number of properties and employees)

	Three Months Ended				Year Ended
	December 31,				December 31,
	2025		2024		2025		2024
Other Financial Information:

Tenant improvements ⁽¹⁾ ⁽²⁾	$	1,891	$	1,821	$	5,791	$	4,886
Leasing commissions ^{(1) (2)}	$	808	$	1,511	$	3,120	$	3,653
Maintenance capital ⁽¹⁾	$	1,976	$	4,150	$	8,438	$	9,112
Scheduled debt principal payments ⁽¹⁾	$	—	$	94	$	—	$	904
Scheduled bond principal payment ⁽³⁾	$	—	$	—	$	17,143	$	7,143
Straight-line rent income ⁽¹⁾	$	727	$	601	$	2,790	$	3,243
Market rent amortization income from acquired leases ⁽¹⁾	$	456	$	242	$	1,128	$	1,103
Non-cash share-based compensation expense ⁽¹⁾	$	1,706	$	1,474	$	5,320	$	4,579
Non-real estate depreciation and amortization ⁽¹⁾	$	13	$	10	$	63	$	83
Amortization of loan fees ⁽¹⁾	$	488	$	283	$	1,345	$	1,108
Undepreciated value of unencumbered properties	$	1,060,883	$	993,191	$	1,060,883	$	993,191
Number of unencumbered properties		51		51		51		51
Full time employees		72		72		72		72

⁽¹⁾	Includes pro-rata share attributable to real estate partnership through January 25, 2024, the redemption date.

⁽²⁾	Does not include first generation costs needed for new acquisitions, development or redevelopment of a property to bring the property to operating standards for its intended use.

⁽³⁾	Annual bond principal payments for the Series A Notes are scheduled each March, beginning in 2023, while payments for the Series B Notes commenced in March 2025.

Table of Contents

Whitestone REIT and Subsidiaries
MARKET CAPITALIZATION AND SELECTED RATIOS
(in thousands, except per share amounts and percentages)

	As of December 31, 2025
MARKET CAPITALIZATION:	Percent of Total Equity			Total Market Capitalization			Percent of Total Market Capitalization
Equity Capitalization:
Common shares outstanding		98.8	%		51,089
Operating partnership units outstanding		1.2	%		635
Total		100.0	%		51,724

Market price of common shares as of December 31, 2025				$	13.89

Total equity capitalization				$	718,446			53	%

Debt Capitalization:
Outstanding debt				$	649,352
Less: Cash and cash equivalents					(4,888	)
Less: Restricted cash					(2,472	)
Total debt capitalization					641,992			47	%

Total Market Capitalization as of December 31, 2025				$	1,360,438			100	%

SELECTED RATIOS:

	Three Months Ended						Year Ended
INTEREST COVERAGE RATIO	December 31,						December 31,
	2025			2024			2025			2024
EBITDAre/Interest Expense
EBITDAre ⁽¹⁾	$	23,923		$	23,008		$	89,644		$	85,338

Interest expense		8,626			8,222			33,672			34,035
Pro rata share of interest expense from real estate partnership⁽²⁾		—			—			—			43
Less: amortization of loan fees, including pro rata share from real estate partnership ⁽²⁾		(784	)		(285	)		(1,345	)		(1,108	)
Interest expense, excluding amortization of loan fees		7,842			7,937			32,327			32,970

Ratio of EBITDAre to interest expense		3.1			2.9			2.8			2.6

⁽¹⁾	For a reconciliation of EBITDAre, see previous section “Reconciliation of Non-GAAP Measures.”

⁽²⁾

We rely on reporting provided to us by our third-party partners for financial information regarding the Company’s investment in Pillarstone OP. Because Pillarstone OP financial statements as of and for the year ended December 31, 2024 have not been made available to us, we have estimated depreciation and amortization of real estate assets based on the information available to us at the time of this Report. On January 25, 2024, we exercised our redemption notice for substantially all of our investment in Pillarstone OP. As a result, our ownership no longer represents a majority interest.

Table of Contents

Whitestone REIT and Subsidiaries
MARKET CAPITALIZATION AND SELECTED RATIOS
(continued)
(in thousands, except per share amounts and percentages)

LEVERAGE RATIO	As of December 31,
	2025			2024
Debt/Undepreciated Book Value
Outstanding debt, net of insurance financing	$	649,352		$	632,054
Less: Cash		(4,888	)		(5,224	)
Less: Restricted cash		(2,472	)		(10,146	)
Less: Receivable due to real estate partnership debt default		—			(13,633	)
Total Net Debt	$	641,992		$	603,051

Undepreciated real estate assets	$	1,354,112		$	1,248,223
Ratio of debt to real estate assets		47	%		48	%

	Three Months Ended						Last Twelve Months Ended
	December 31,						December 31,
	2025			2024			2025			2024
Debt/EBITDAre Ratio
Outstanding debt, net of insurance financing	$	649,352		$	632,054		$	649,352		$	632,054
Less: Cash		(4,888	)		(5,224	)		(4,888	)		(5,224	)
Less: Restricted cash		(2,472	)		(10,146	)		(2,472	)		(10,146	)
Less: Receivable due to real estate partnership debt default		—			(13,633	)		—			(13,633	)
Total Net Debt	$	641,992		$	603,051		$	641,992		$	603,051

EBITDAre	$	23,923		$	23,008		$	89,644		$	85,338

Effect of partial period acquisitions and dispositions	$	150		$	(6	)	$	2,607		$	(659	)

Pro forma EBITDAre	$	24,073		$	23,002		$	92,251		$	84,679

Annualized pro forma EBITDAre	$	96,292		$	92,008		$	92,251		$	84,679

Ratio of debt to pro forma EBITDAre		6.7			6.6			7.0			7.1

Table of Contents

Whitestone REIT and Subsidiaries
SUMMARY OF OUTSTANDING DEBT AND DEBT MATURITIES
TOTAL OUTSTANDING DEBT
(in thousands)

Description	December 31, 2025			December 31, 2024
Fixed rate notes
$375.0 million, 3.40% plus 1.25% to 1.85% Note, due January 31, 2031 ⁽¹⁾	$	375,000		$	—
$265.0 million, 3.18% plus 1.45% to 2.10% Note, due January 31, 2028 ⁽²⁾		—			265,000
$20.0 million, 3.67% plus 1.50% note, due January 31, 2028 ⁽³⁾		—			20,000
$80.0 million, 3.72% Note, due June 1, 2027		80,000			80,000
$50.0 million, 5.09% Note, due March 22, 2029 (Series A)		28,571			35,714
$50.0 million, 5.17% Note, due March 22, 2029 (Series B)		40,000			50,000
$2.5 million, 7.79% Note, due February 28, 2025		—			429
$50.0 million, 3.71% plus 1.50% to 2.10% Note, due September 16, 2026 ⁽⁴⁾		—			50,000
$56.3 million, 6.23% Note, due July 31, 2031		56,340			56,340
$17.7 million, 3.81% Note, due November 6, 2029		17,650			—
Floating rate notes
Unsecured line of credit, SOFR plus 1.30% to 1.90%, due September 19, 2029		51,791			—
Unsecured line of credit, SOFR plus 1.50% to 2.10%, due September 16, 2026		—			75,000
Total notes payable principal		649,352			632,483
Less unamortized debt discount		(997	)		—
Less deferred financing costs, net of accumulated amortization		(4,430	)		(965	)
Total notes payable	$	643,925		$	631,518

⁽¹⁾	Promissory note that includes an interest rate swap that fixes the SOFR portion of the term loan at an interest rate of 3.40% through September 30, 2026, 3.36% from October 1, 2026 through January 31, 2028, and 3.42% from February 1, 2028 though January 31, 2031.

⁽²⁾

Promissory note included an interest rate swap that fixes the Secured Overnight Financing Rate (“SOFR”) portion of the term loan at an interest rate of 2.16% through October 28, 2022, 2.76% from October 29, 2022 through January 31, 2024, and 3.32% beginning February 1, 2024 through January 31, 2028.

⁽³⁾	Series One Incremental Term Loan included an interest rate swap that fixed the term loan rate at 5.165% through January 31, 2028.

⁽⁴⁾	A portion of the unsecured line of credit included an interest rate swap to fix the SOFR portion of the loan at 3.71%.

SCHEDULE OF DEBT MATURITIES AS OF DECEMBER 31, 2025
(in thousands)

Year	Amount Due
2026	$	17,143
2027		97,414
2028		17,823
2029		35,517
2030		52,561
Thereafter		428,894
Total	$	649,352

Table of Contents

Whitestone REIT and Subsidiaries
SUMMARY OF TOP TENANTS
(continued)

Tenant Name	Location	Annualized Rental Revenue (in thousands)		Percentage of Total Annualized Base Rental Revenues (1)			Initial Lease Date	Year Expiring

Whole Foods Market	Houston	$	2,471		2.1	%	9/3/2014		2035
Albertsons Companies, Inc. ⁽²⁾	Austin and Phoenix		2,347		2.0	%	5/8/1991, 4/1/2014, 7/1/2000, 10/19/2016 and 4/1/2014		2029, 2030, 2030, 2031, 2034 and 2037
Frost Bank	Houston		1,977		1.7	%	7/1/2014		2029
Fitness Alliance, LLC ⁽³⁾	Houston and San Antonio		1,800		1.5	%	11/29/2022 and 12/04/2024		2039 and 2041
Newmark Real Estate of Houston LLC	Houston		1,364		1.2	%	10/1/2015		2026
Walgreens & Co. (4)	Houston and Phoenix		767		0.7	%	11/14/1982, 8/24/1996 and 11/3/1996		2027, 2056 and 2056
Dollar Tree (5)	Houston and Phoenix		775		0.7	%	6/29/2001, 11/8/2009, 8/8/2018, 8/10/1999, 04/05/2024, and 10/31/2025		2026, 2027, 2027, 2028, 2030 and 2035
Soul Concepts, LLC (6)	Phoenix		862		0.7	%	10/25/2011, 10/15/2018, 07/13/2020, 10/13/2021, 04/08/2022 and 06/23/2023		2026, 2026, 2029, 2030, 2030 and 2035
Cactus Café Uptown Houston, Inc.	Houston		758		0.6	%	12/31/2024		2036
Alamo Drafthouse Cinema	Austin		740		0.6	%	2/1/2012		2031
Starbucks Corporation (7)	Austin, Dallas and Phoenix		656		0.6	%	8/8/2016, 5/29/2003, 7/1/1997, 7/14/2004, 7/8/1999, 10/15/2001 and 1/14/2024		2027, 2028, 2028, 2029, 2030, 2034, 2036
Barnes & Noble Booksellers, Inc.(8)	Phoenix		634		0.5	%	3/3/2004 and 5/13/2002		2035 and 2030
Total Wine	Houston		564		0.5	%	11/27/2018		2029
Kroger Co.	Dallas		483		0.4	%	12/15/2000		2027
Capital Area Multispecialty Providers	Austin		465		0.4	%	5/23/2014		2026
		$	16,663		14.2	%

⁽¹⁾	Annualized Base Rental Revenues represents the monthly base rent as of December 31, 2025 for each applicable tenant multiplied by 12.

Table of Contents

⁽²⁾

As of December 31, 2025, we had five leases with the same tenant occupying space at properties located in Phoenix and Austin. The annualized rental revenue for the lease that commenced on April 1, 2014, and is scheduled to expire in 2034, was $1,099,000, which represents approximately 0.9% of our total annualized base rental revenue. The annualized rental revenue for the lease that commenced on April 1, 2014, and is scheduled to expire in 2029, was $46,000, which represents less than 0.1% of our annualized base rental revenue. The annualized rental revenue for the lease that commenced on May 8, 1991, and is scheduled to expire in 2031, was $344,000, which represents approximately 0.3% of our total annualized base rental revenue. The annualized rental revenue for the lease that commenced on July 1, 2000, and is scheduled to expire in 2030, was $388,000, which represents approximately 0.3% of our total annualized base rental revenue. The annualized rental revenue for the lease that commenced on October 19, 2016, and is scheduled to expire in 2030, was $469,000, which represents approximately 0.4% of our total annualized base rental revenue.

⁽³⁾

As of December 31, 2025, we had two leases with the same tenant occupying space at properties located in Houston and San Antonio. The annualized rental revenue for the lease that commenced on November 29, 2022, and is scheduled to expire in 2039, was $971,000, which represents approximately 0.8% of our total annualized base rental revenue. The annualized rental revenue for the lease that commenced on December 4, 2024, and is scheduled to expire in 2041, was $828,000, which represents approximately 0.7% of our total annualized base rental revenue.

⁽⁴⁾

As of December 31, 2025, we had three leases with the same tenant occupying space at properties located in Phoenix and Houston. The annualized rental revenue for the lease that commenced on November 3, 1996, and is scheduled to expire in 2056, was $279,000, which represents approximately 0.2% of our total annualized base rental revenue. The annualized rental revenue for the lease that commenced on November 14, 1982, and is scheduled to expire in 2027, was $190,000, which represents approximately 0.2% of our total annualized base rental revenue. The annualized rental revenue for the lease that commenced on August 24, 1996, and is scheduled to expire in 2056, was $298,000, which represents approximately 0.3% of our total annualized rental revenue.

⁽⁵⁾

As of December 31, 2025, we had six leases with the same tenant occupying space at properties in Houston and Phoenix. The annualized rental revenue for the lease that commenced on August 10, 1999, and is scheduled to expire in 2030, was $94,000, which represents approximately 0.1% of our total annualized base rental revenue. The annualized rental revenue for the lease that commenced on June 29, 2001, and is scheduled to expire in 2026, was $181,000, which represents approximately 0.2% of our total annualized base rental revenue. The annualized rental revenue for the lease that commenced on November 8, 2009, and is scheduled to expire in 2027, was $156,000, which represents approximately 0.1% of our total annualized base rental revenue. The annualized rental revenue for the lease that commenced on August 8, 2018, and is scheduled to expire in 2028, was $115,000, which represents approximately 0.1% of our total annualized base rental revenue. The annualized rental revenue for the lease that commenced on April 5, 2024, and is scheduled to expire in 2035, was $139,000, which represents approximately 0.1% of our total annualized base rental revenue. The annualized rental revenue for the lease that commenced on October 31, 2025, and is scheduled to expire in 2027, was $91,000, which represents approximately 0.1% of our total annualized base rental revenue.

⁽⁶⁾

As of December 31, 2025, we had six leases with the same tenant occupying space at properties located in Phoenix. The annualized rental revenue for the lease that commenced on October 25, 2011, and is scheduled to expire in 2030, was $170,000, which represents approximately 0.1% of our total annualized base rental revenue. The annualized rental revenue for the lease that commenced on October 15, 2018, and is scheduled to expire in 2030, was $135,000, which represents approximately 0.1% of our total annualized base rental revenue. The annualized rental revenue for the lease that commenced on July 13, 2020, and is scheduled to expire in 2026, was $156,000, which represents approximately 0.1% of our total annualized base rental revenue. The annualized rental revenue for the lease that commenced on October 13, 2021, and is scheduled to expire in 2035, was $329,000, which represents approximately 0.3% of our total annualized base rental revenue. The annualized rental revenue for the lease that commenced on April 8, 2022, and is scheduled to expire in 2029, was $29,000, which represents approximately less than 0.1% of our total annualized base rental revenue. The annualized rental revenue for the lease that commenced on June 23, 2023, and is scheduled to expire in 2026, was $43,000, which represents less than 0.1% of our total annualized base rental revenue.

⁽⁷⁾

As of December 31, 2025, we had seven leases with the same tenant occupying space at properties in Austin, Dallas and Phoenix. The annualized rental revenue for the lease that commenced on July 1, 1997, and is scheduled to expire in 2028, was $59,000, which represents approximately 0.1% of our total annualized base rental revenue. The annualized rental revenue for the lease that commenced on July 8, 1999, and is scheduled to expire in 2030, was $115,000, which represents approximately 0.1% of our total annualized base rental revenue. The annualized rental revenue for the lease that commenced on October 15, 2001, and is scheduled to expire in 2034, was $135,000, which represents approximately 0.1% of our total annualized base rental revenue. The annualized rental revenue for the lease that commenced on May 29, 2003, and is scheduled to expire in 2028, was $58,000, which represents approximately 0.1% of our total annualized base rental revenue. The annualized rental revenue for the lease that commenced on July 14, 2004, and is scheduled to expire in 2029, was $61,000, which represents approximately 0.1% of our total annualized base rental revenue. The annualized rental revenue for the lease that commenced on August 8, 2016, and is scheduled to expire in 2027, was $84,000, which represents approximately 0.1% of our total annualized base rental revenue.

⁽⁸⁾

As of December, 2025, we had two leases with the same tenant occupying space at properties located in Phoenix and Dallas. The annualized rental revenue for the lease that commenced on March 3, 2004, and is scheduled to expire in 2035, was $261,000, which represents approximately 0.2% of our total annualized base rental revenue. The annualized rental revenue for the lease that commenced on May 13, 2002, and is scheduled to expire in 2030, was $373,000, which represents approximately 0.3% of our total annualized base rental revenue.

Table of Contents

Whitestone REIT and Subsidiaries
TENANT TYPE SUMMARY
As of December 31, 2025

	% of Leased SF			% of ABR
Restaurants & Food Service		20	%		27	%
Salons		7	%		9	%
Medical & Dental		7	%		8	%
Financial Services		5	%		7	%
Fitness		7	%		7	%
Grocery		11	%		6	%
General Retail		8	%		5	%
Apparel		5	%		5	%
Home Décor And Improvement		5	%		4	%
Non Retail		4	%		4	%
Education		4	%		3	%
Pet Supply & Services		3	%		3	%
Entertainment		3	%		2	%
Local Services		2	%		2	%
Pharmacies & Nutritional Supplies		2	%		2	%
Off-Price		3	%		2	%
Sporting Goods		1	%		1	%
Automotive Supply & Services		1	%		1	%
Wireless		1	%		1	%
Postal Services		1	%		1	%
Total		100	%		100	%

Table of Contents

Whitestone REIT and Subsidiaries
SUMMARY OF LEASING ACTIVITY

	Three Months Ended				Year Ended
	December 31,				December 31,
	2025		2024		2025		2024
RENEWALS
Number of Leases		23		50		186		189
Total Square Feet ⁽¹⁾		63,419		167,112		594,545		722,063
Average Square Feet		2,757		3,342		3,196		3,820
Total Lease Value	$	7,740,000	$	15,909,000	$	66,653,000	$	62,572,000
NEW LEASES
Number of Leases		19		29		86		109
Total Square Feet ⁽¹⁾		36,950		123,582		192,091		304,326
Average Square Feet		1,945		4,261		2,239		2,792
Total Lease Value	$	11,273,000	$	40,643,000	$	45,868,000	$	72,203,000
TOTAL LEASES
Number of Leases		42		79		272		298
Total Square Feet ⁽¹⁾		100,369		290,694		786,636		1,026,389
Average Square Feet		2,405		3,680		2,892		3,444
Total Lease Value	$	19,013,000	$	56,552,000	$	112,521,000	$	134,775,000

⁽¹⁾	Represents the square footage as the result of new, renewal, expansion and contraction leases.

Table of Contents

Whitestone REIT and Subsidiaries

SUMMARY OF LEASING ACTIVITY

Type	Number of Leases Signed		Lease Value Signed		GLA Signed		Weighted Average Lease Term (2)		TI and Incentives (3)		TI and Incentives Per Sq. Ft.		Contractual Rent Per Sq. Ft. (4)		Prior Contractual Rent Per Sq. Ft. (5)		Annual Increase (Decrease) in Contractual Rent		Cash Basis Increase (Decrease) Over Prior Rent			Annual Increase (Decrease) in Straight-lined Rent		Straight-lined Basis Increase (Decrease) Over Prior Rent

Comparable: ⁽¹⁾

Comparable Total Leases:
4th Quarter 2025		29	$	10,129,309		72,183		3.8	$	670,960	$	9.30	$	32.58	$	29.62	$	213,420		10.0	%	$	363,054		18.2	%
3rd Quarter 2025		52		16,459,235		129,088		3.8		689,849		5.34		27.70		25.49		285,235		8.7	%		602,832		19.3	%
2th Quarter 2025		55		19,542,816		222,116		4.4		637,212		2.87		20.61		19.07		342,360		8.1	%		675,344		17.9	%
1st Quarter 2025		71		25,717,639		158,507		4.7		1,334,248		8.42		33.04		29.30		592,395		12.8	%		909,959		20.3	%
Total - 12 months		207	$	71,848,999		581,894		4.3	$	3,332,269	$	5.73	$	27.05	$	24.59	$	1,433,410		10.0	%	$	2,551,189		19.1	%

Comparable New Leases:
4th Quarter 2025		7	$	2,586,472		10,064		6.0	$	393,028	$	39.05	$	39.46	$	35.08	$	44,062		12.5	%	$	87,216		25.9	%
3rd Quarter 2025		9		4,798,488		16,947		6.2		496,945		29.32		38.45		34.30		70,330		12.1	%		127,057		22.5	%
2th Quarter 2025		8		3,830,417		13,283		6.2		478,695		36.04		37.88		30.23		101,544		25.3	%		160,820		41.4	%
1st Quarter 2025		13		6,505,094		21,889		6.5		863,828		39.46		37.75		34.46		71,954		9.5	%		167,254		22.6	%
Total - 12 months		37	$	17,720,471		62,183		6.3	$	2,232,496	$	35.90	$	38.24	$	33.61	$	287,890		13.8	%	$	542,347		26.7	%

Comparable Renewal Leases:
4th Quarter 2025		22	$	7,542,837		62,119		3.5	$	277,932	$	4.47	$	31.47	$	28.74	$	169,358		9.5	%	$	275,838		16.6	%
3rd Quarter 2025		43		11,660,747		112,141		3.4		192,904		1.72		26.07		24.16		214,905		7.9	%		475,775		18.6	%
2th Quarter 2025		47		15,712,399		208,833		4.3		158,517		0.76		19.51		18.36		240,816		6.3	%		514,524		15.2	%
1st Quarter 2025		58		19,212,545		136,618		4.4		470,420		3.44		32.29		28.48		520,441		13.4	%		742,706		19.9	%
Total - 12 months		170	$	54,128,528		519,711		4.1	$	1,099,773	$	2.12	$	25.72	$	23.51	$	1,145,520		9.4	%	$	2,008,843		17.7	%

Table of Contents

Whitestone REIT and Subsidiaries

SUMMARY OF LEASING ACTIVITY

(continued)

Type	Number of Leases Signed		Lease Value Signed		GLA Signed		Weighted Average Lease Term (2)		TI and Incentives (3)		TI and Incentives per Sq. Ft.		Contractual Rent Per Sq. Ft. (4)

Total:


New & Renewal
4th Quarter 2025		42	$	19,013,139		100,369		5.1	$	1,616,549	$	16.11	$	32.70
3rd Quarter 2025		68		29,076,368		189,511		4.8		1,857,027		9.80		28.32
2nd Quarter 2025		78		33,180,339		297,146		4.8		1,670,021		5.62		22.25
1th Quarter 2025		84		31,251,156		199,610		4.6		1,966,229		9.85		31.16
Total - 12 months		272	$	112,521,002		786,636		4.8	$	7,109,826	$	9.04	$	27.30

New
4th Quarter 2025		19	$	11,273,473		36,950		7.7	$	1,338,617	$	36.23	$	34.91
3rd Quarter 2025		21		15,735,170		68,536		6.8		1,344,986		19.62		32.38
2nd Quarter 2025		24		8,903,329		45,186		5.2		976,868		21.62		33.05
1th Quarter 2025		22		9,955,710		41,419		6.1		1,158,735		27.98		31.57
Total - 12 months		86	$	45,867,682		192,091		6.4	$	4,819,206	$	25.09	$	32.85

Renewal
4th Quarter 2025		23	$	7,739,666		63,419		3.5	$	277,932	$	4.38	$	31.41
3rd Quarter 2025		47		13,341,198		120,975		3.6		512,041		4.23		26.02
2nd Quarter 2025		54		24,277,010		251,960		4.7		693,153		2.75		20.31
1th Quarter 2025		62		21,295,446		158,191		4.2		807,494		5.10		31.05
Total - 12 months		186	$	66,653,320		594,545		4.2	$	2,290,620	$	3.85	$	25.51

⁽¹⁾	Comparable leases represent leases signed on spaces for which there was a former tenant within the last twelve months and the new or renewal square footage was within 25% of the expired square footage.
⁽²⁾	Weighted average lease term is determined on the basis of square footage.
⁽³⁾	Estimated amount per signed lease. Actual cost of construction may vary.
⁽⁴⁾	Contractual rent represents contractual minimum rent under the new lease for the first month, excluding concessions.
⁽⁵⁾	Prior contractual rent represents contractual minimum rent under the prior lease for the final month.

Table of Contents

Whitestone REIT and Subsidiaries

LEASE EXPIRATIONS⁽¹⁾

								Annualized Base Rent⁽²⁾
			Gross Leasable Area					as of December 31, 2025
Year	Number of Leases		Square Feet		Percent of Gross Leasable Area			Amount (in thousands)		Percent of Total			Per Square Foot
2026		436		666,008		13.7	%	$	17,138		14.7	%	$	25.73
2027		215		730,223		15.0	%		17,619		15.1	%		24.13
2028		195		558,389		11.5	%		14,847		12.7	%		26.59
2029		167		666,202		13.7	%		16,739		14.4	%		25.13
2030		190		656,877		13.5	%		16,663		14.3	%		25.37
2031		82		329,593		6.8	%		8,329		7.1	%		25.27
2032		38		185,245		3.8	%		4,911		4.2	%		26.51
2033		27		127,947		2.6	%		3,296		2.8	%		25.76
2034		32		200,559		4.1	%		4,898		4.2	%		24.42
2035		32		200,889		4.1	%		6,152		5.3	%		30.63
Total		1,414		4,321,932		88.8	%	$	110,592		94.8	%	$	25.59

⁽¹⁾	Lease expirations table reflects rents in place as of December 31, 2025, and does not include option periods.

⁽²⁾	Annualized Base Rent represents the monthly base rent as of December 31, 2025 for each tenant multiplied by 12.

Table of Contents

Whitestone REIT and Subsidiaries

Property Details

As of December 31, 2025

		Year Built/	Gross Leasable		Percent Occupied at			Annualized Base Rental Revenue		Average Base Rental Revenue Per		Average Net Effective Annual Base Rent Per Leased
Community Name	Location	Renovated	Square Feet		12/31/2025			(in thousands) (1)		Sq. Ft. (2)		Sq. Ft.(3)
Whitestone Properties:
Ahwatukee Plaza	Phoenix	1979		72,650		87	%		898	$	14.21	$	13.73
Anderson Arbor	Austin	2001		89,746		91	%		2,146		26.28		26.89
Anthem Marketplace	Phoenix	2000		113,293		99	%		1,981		17.66		18.09
Anthem Marketplace Phase II	Phoenix	2019		6,853		100	%		244		35.60		33.85
Arcadia Towne Center	Phoenix	1966		69,503		100	%		1,796		25.84		26.89
Ashford Village	Houston	1979		81,519		100	%		1,416		17.37		18.51
BLVD Place	Houston	2014		216,944		99	%		9,561		44.52		44.17
The Citadel	Phoenix	2013		28,547		57	%		391		24.03		26.06
City View Village	San Antonio	2005		17,870		90	%		581		36.13		35.94
Dana Park Pad	Phoenix	2002		12,000		100	%		342		28.50		29.25
Davenport Village	Austin	1999		128,934		97	%		3,870		30.94		36.00
Eldorado Plaza	Dallas	2004		219,287		97	%		3,357		15.78		15.62
Fountain Square	Phoenix	1986		118,209		92	%		2,097		19.28		19.02
Fulton Ranch Towne Center	Phoenix	2005		120,575		93	%		2,335		20.82		20.86
Garden Oaks Shopping Center	Houston	1954		106,858		96	%		1,815		17.69		18.20
Gilbert Tuscany Village	Phoenix	2009		49,415		90	%		1,044		23.47		22.87
Heritage	Dallas	2006		70,431		96	%		1,965		29.06		32.11
HQ Village	Dallas	2009		89,134		95	%		2,876		33.96		33.37
Keller Place	Dallas	2001		93,541		97	%		1,200		13.23		13.47
La Mirada	Phoenix	1997		147,209		100	%		4,133		28.08		29.89
Lake Woodlands Crossing	Houston	2018		60,246		100	%		2,147		35.64		35.85
Lakeside Market	Dallas	2000		164,899		93	%		4,724		30.80		31.61
Las Colinas	Dallas	2000		104,919		96	%		3,232		32.09		31.46
Lion Square	Houston	1980		117,592		96	%		2,198		19.47		19.05
The MarketPlace at Central	Phoenix	2012		111,130		99	%		1,281		11.64		11.56
Market Street at DC Ranch	Phoenix	2003		244,888		95	%		7,114		30.58		31.92
Paradise Plaza	Phoenix	1983		125,898		94	%		2,017		17.04		17.21
Parkside Village North	Austin	2005		27,045		100	%		981		36.27		36.01
Parkside Village South	Austin	2012		90,101		100	%		2,793		31.00		30.60
Pinnacle of Scottsdale	Phoenix	1991		113,108		100	%		2,969		26.25		26.40
Pinnacle Phase II	Phoenix	2017		27,063		100	%		929		34.33		31.33
The Promenade at Fulton Ranch	Phoenix	2007		98,792		99	%		1,713		17.51		18.89
Quinlan Crossing	Austin	2012		109,892		97	%		2,870		26.92		26.40
Scottsdale Commons	Phoenix	1980		65,282		100	%		1,792		27.45		27.99
Seville	Phoenix	1990		90,042		93	%		3,320		39.65		39.31
Shaver	Houston	1978		21,926		100	%		404		18.43		18.15
Shops at Pecos Ranch	Phoenix	2009		78,767		98	%		2,184		28.29		27.62
Shops at Starwood	Dallas	2006		55,385		94	%		1,918		36.84		36.80
The Shops at Williams Trace	Houston	1985		132,991		95	%		2,409		19.07		18.76
Starwood Phase II	Dallas	2016		35,351		100	%		1,422		40.23		37.82
The Strand at Huebner Oaks	San Antonio	2000		73,920		100	%		2,125		28.75		29.82
San Clemente	Austin	2003		31,832		67	%		661		30.99		32.68
South Hulen Shopping Center	Dallas	2004		86,907		99	%		2,418		28.10		27.16
Sunset at Pinnacle Peak	Phoenix	2000		41,530		98	%		1,074		26.39		28.65
Terravita Marketplace	Phoenix	1997		102,733		100	%		2,048		19.94		20.56
Town Park	Houston	1978		43,526		93	%		1,092		26.98		26.80
Village Shops at Dana Park	Phoenix	2002		10,128		100	%		362		35.74		36.83
Village Square at Dana Park (5)	Phoenix	2009		323,026		84	%		7,322		26.98		28.11

Table of Contents

Whitestone REIT and Subsidiaries

Property Details

As of December 31, 2025

		Year Built/	Gross Leasable	Percent Occupied at			Annualized Base Rental Revenue		Average Base Rental Revenue Per		Average Net Effective Annual Base Rent Per Leased
Community Name	Location	Renovated	Square Feet	12/31/2025			(in thousands) (1)		Sq. Ft. (2)		Sq. Ft.(3)
Williams Trace Plaza	Houston	1983	129,222		96	%		2,769		22.32		22.20
Windsor Park	San Antonio	2012	196,458		85	%		2,188		13.10		13.49
World Cup Plaza	Dallas	2007	90,391		87	%		2,116		26.91		28.83

Total/Weighted Average - Whitestone Properties			4,857,508		95	%		116,640		25.28		25.73

Land Held for Development:
Anderson Arbor PAD	Austin	N/A	—		—	%		—		—		—
BLVD Phase II-B	Houston	N/A	—		—	%		—		—		—
Dana Park Development	Phoenix	N/A	—		—	%		—		—		—
Eldorado Plaza Development	Dallas	N/A	—		—	%		—		—		—
Market Street at DC Ranch	Phoenix	N/A	—		—	%		—		—		—
Total/Weighted Average - Land Held For Development ⁽⁴⁾			—		—	%		—		—		—

Grand Total/Weighted Average - Whitestone Properties			4,857,508		95	%	$	116,640	$	25.28	$	25.73

⁽¹⁾

Calculated as the tenant’s actual December 31, 2025 base rent (defined as cash base rents including abatements) multiplied by 12. Excludes vacant space as of December 31, 2025. Because annualized base rental revenue is not derived from historical results that were accounted for in accordance with generally accepted accounting principles, historical results differ from the annualized amounts. Total abatements for leases in effect as of December 31, 2025 equaled approximately $438,000 for the month ended December 31, 2025.

⁽²⁾	Calculated as annualized base rent divided by leased square feet as of December 31, 2025.

⁽³⁾

Represents (i) the contractual base rent for leases in place as of December 31, 2025, adjusted to a straight-line basis to reflect changes in rental rates throughout the lease term and amortize free rent periods and abatements, but without regard to tenant improvement allowances and leasing commissions, divided by (ii) square footage under commenced leases of December 31, 2025.

⁽⁴⁾	As of December 31, 2025, these parcels of land were held for development and, therefore, had no gross leasable area.

⁽⁵⁾	Includes land parcel subject to ground lease.

Table of Contents

Source: View Original Filing on SEC EDGAR

FAQ

How did Whitestone REIT (WSR) perform financially in 2025?

Whitestone REIT reported stronger 2025 results, with net income attributable to common shareholders rising to $49.9 million, or $0.95 per diluted share, from $36.9 million, or $0.72 per share. Core FFO per diluted share and OP unit increased to $1.05 from $1.01, reflecting better recurring earnings.

What were Whitestone REIT’s key operating metrics for Q4 2025?

In Q4 2025, Whitestone REIT’s net income attributable to common shareholders per diluted share was $0.43, up from $0.33 a year earlier. Wholly owned property occupancy reached a record 94.6%, while Same Store Property Net Operating Income grew 3.8% year over year, supported by solid rental rate growth.

What 2026 guidance did Whitestone REIT provide for earnings and Core FFO?

For full-year 2026, Whitestone REIT estimates GAAP net income attributable to common shareholders of $0.38–$0.43 per diluted share. It expects Core FFO of $1.10–$1.14 per diluted share and OP unit, versus 2025 Core FFO of $1.05, implying modest growth in recurring cash earnings.

How is Whitestone REIT’s dividend changing in 2026?

Whitestone REIT’s Board shifted from a monthly to a quarterly dividend and declared a first-quarter 2026 cash dividend of $0.1425 per common share and OP unit. This quarterly amount represents a 5.6% increase over the company’s previous quarterly dividend level.

What drove Whitestone REIT’s Same Store NOI and occupancy in 2025?

Whitestone achieved 4.0% Same Store Net Operating Income growth for 2025 and record occupancy of 94.6%. These gains were supported by higher rental revenues, solid leasing activity, and rental rate growth on new and renewal leases across its Sunbelt neighborhood center portfolio.

How leveraged is Whitestone REIT based on year-end 2025 figures?

As of December 31, 2025, Whitestone REIT reported notes payable of $643.9 million and total equity of $463.9 million. Total market capitalization was $1.36 billion, with equity representing 53% and debt capitalization of about $642.0 million representing 47%.

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How did Whitestone REIT (WSR) perform financially in 2025?

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What 2026 guidance did Whitestone REIT provide for earnings and Core FFO?

How is Whitestone REIT’s dividend changing in 2026?

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