Whitestone REIT

NYSE:WSRUnited States

(7) S&P Capital IQ Pro. Data is for the period January 31, 2011, when forward consensus AFFO per share estimates where first available for Whitestone, through October 25, 2023, the last trading day prior to the article "Fortress Approached Whitestone REIT About a Takeover" was published in Bloomberg regarding a takeover proposal. Peers represent companies WSR identified as comparable in its letter to shareholders distributed April 5, 2024. Peer data revers to peer median multiples during the period. (8) Source: FactSet. Data as of April 24, 2024. (9) Id. (10) Source: FactSet. Based on the five-year total return as of October 25, 2023, the last trading day prior to the article "Fortress Approached Whitestone REIT About a Takeover" published in Bloomberg regarding a takeover proposal. (11) Source: Whitestone REIT Definitive Proxy Statement, filed with the SEC on April 4, 2024. (12) In an Investor Presentation filed with the SEC on February 12, 2018, Whitestone committed to a net debt to Adjusted EBITDA ratio of 6 to 7 times and a G&A expense ratio of 8% to 10% for 2023. Whitestone ended 2023 with a net debt to EBITDA ratio of 7.8x and a G&A expense ratio of 14.1%. (13) Source: Whitestone REIT Definitive Proxy Statement, filed with the SEC on April 4, 2024. (14) Source: Whitestone REIT earnings press releases for the quarters ended December 31, 2022; June 30, 2023; September 30, 2023; and December 31, 2023. (15) Source: Whitestone REIT Investor Presentation, filed with the SEC on April 24, 2024. (16) Source: Whitestone REIT Press Release, January 18, 2022. (17) See, e.g., Contribution Agreement and OP Unit Purchase Agreement between Pillarstone Capital REIT Operating Partnership LP and Whitestone REIT Operating Partnership LP, dated December 8, 2016, filed with Whitestone Form 8-K, December 9, 2016. (18) Source: S&P Capital IQ Pro. Data from October 23, 2003 to November 9, 2011. (19) Source: S&P Capital IQ Pro. Data from November 10, 2011 to August 23, 2022. Peers refer to AKR, FRT, KIM, KRG, REG, ROIC, BFS, SITC and WSR. Peer data refers to the simple average. (20) Source: Presentation to the Cedar Realty Trust Board of Trustees, BofA Securities, August 9, 2022. (21) Source: Whitestone REIT Investor Presentation, filed with the SEC on April 24, 2024. (22) Sources: Bloomberg and FactSet. Data as of and for the year ended December 31, 2023. Peers represent companies WSR identified as comparable in its letter to shareholders distributed April 5, 2024. (23) Source: FactSet. Data as of April 18, 2024. Per FactSet, Whitestone's institutional ownership as a percentage of float and number of institutional shareholders are the third- and second-lowest, respectively, among the Company's peers. Peers represent companies WSR identified as comparable in its letter to shareholders distributed April 5, 2024. (24) Source: FactSet. Data as of April 18, 2024. Peers represent companies WSR identified as comparable in its letter to shareholders distributed April 5, 2024. (25) Source: FactSet. Data as of April 18, 2024. Peers represent companies WSR identified as comparable in its letter to shareholders distributed April 5, 2024. (26) Source: Whitestone REIT Definitive Proxy Statement, filed with the SEC on April 4, 2024. (27) Sources: S&P Capital IQ Pro and Company filings. Consensus Net Asset Value ("NAV") per share is based on the "Mean Consensus NAV per share" as reported by S&P Capital IQ Pro. Follow-on offerings discount to NAV per share percentage is based on WSR's issuance price compared to the Mean Consensus NAV per share. ATM offerings discount to NAV per share percentage is based on the average issuance price compared to the Mean Consensus NAV per share in the respective quarter proceeds were raised. (28) Sources: S&P Capital IQ Pro and Company filings. Since Whitestone's IPO, 39% of the Company's dividend distributions have not been from profits or capital gains but from a return of capital; this is significantly higher than the REIT long-term average of 14%. (29) Whitestone's Board of Trustees includes trustees who, before joining the Board, served as 1) a public relations advisor to the Company; 2) one of the Company's lead lenders; and 3) counsel to the Special Committee of an entity that was controlled by Whitestone's then-CEO. (30) Source: Adam Ferrise, "'Pure avarice': Businessman gets 8 years in prison for $180 million bank fraud that hit Cleveland's KeyBank," Cleveland.com, November 2, 2023. (31) In the Form 8-K disclosing Mr. Khan's resignation, filed with the SEC on July 9, 2019, Whitestone stated only that Mr. Khan resigned "for personal reasons and had no disagreement with the Company," despite the fact that the resignation took place on the day KeyBank's claim against Mr. Khan was filed. (32) Source: Diligent. Note: Several shareholders, including BlackRock, the Florida State Board of Administration, Legal & General Investment Management and T. Rowe Price Associates all voted to withhold on Jack Mahaffey for reasons associated with the Company's poison pill. (33) Source: Whitestone REIT Form 8-K, filed with the SEC on July 20, 2021. (34) Source: Whitestone REIT Investor Presentation, filed with the SEC on April 24, 2024.

Whitestone REIT Publishes Investor Presentation Highlighting Execution of Our Strategy to Continue Driving Long Term Sustainable Value Creation

Our Strong, Thoughtfully Refreshed Board Has Executed on Driving Shareholder Value