#1COMMUNITIES THAT THRIVE LOCAL CONNECTIONS INVESTOR PRESENTATION FIRST QUARTER 2021 W WHITESTONE REIT AKONE#22 WHITESTONE REIT SERVING OUR STAKEHOLDERS SERVING SHAREHOLDERS by generating attractive returns from properties that appreciate in value and hedge against inflation SERVING LOCAL NEIGHBORHOODS by leasing, managing, owning and operating community centers in Texas and Arizona's fastest growing cities SERVING ENTREPRENEURIAL TENANTS to achieve the American dream and mitigating against economic downturns successfully WHITESTONE REIT INVESTOR PRESENTATION FIRST QUARTER 2021 KINOCER ANIMAL HOSPITAL DAVENTORT BUTHS CHRIS STEAKHOUSE GO#33 WHITESTONE REIT AT A GLANCE:(1) Properties Gross Leasable SF Tenants Occupancy Consecutive Monthly Dividends (2) Average Base Rent/SF Total Enterprise Value(3) Total Estimated Real Estate Asset Value (4) Credit Facility Long Term Bonds Equity Market Capitalization (3) Management Team's Collective Experience Board Independence Inside Ownership(5) 58 5.0 Million 1,403 SUBWAY 89.1% 128 $19.71 $1.05 Billion $1.4 Billion $515.0 Million $100.0 Million $422.4 Million 60+ Years 5 of 6 7.2% C WHITESTONE REIT INVESTOR PRESENTATION FIRST QUARTER 2021 934 petco ming B#4WHAT CRITICAL FACTORS DRIVE WHITESTONE'S SUCCESS? Premier Locations in High Growth Markets "Consumer Driven" Business Model Value Enhancement Focus Capital Management & Strong Performance 4 WHITESTONE REIT INVESTOR PRESENTATION FIRST QUARTER 2021 W#55 PREMIER LOCATIONS IN HIGH GROWTH MARKETS WE OWN PROPERTIES WHERE PEOPLE WANT TO LIVE Targeted Acquisition Strategy 1% 27% 13% 14% Chicago Phoenix 45% Austin & San Antonio Dallas Houston Geographic Footprint(¹) WHITESTONE REIT INVESTOR PRESENTATION FIRST QUARTER 2021 WHITESTONE KNOWS ITS: Markets Neighborhoods Consumers W#66 PREMIER LOCATIONS IN HIGH GROWTH MARKETS WE OWN PROPERTIES WHERE PEOPLE ARE MOVING Estimated 5 - Year MSA Population Growth Rate 2017-2022 (1) Dallas-Fort Worth Houston Phoenix San Antonio 8.8% Austin 9.7% 6.6% 8.0% 0 2 4 6 8 Population in Millions 9.7% CO NC TN AZ WHITESTONE REIT INVESTOR PRESENTATION FIRST QUARTER 2021 TX GA FL CURRENT MARKETS Texas Houston, Austin, Dallas, Ft. Worth, San Antonio Arizona Phoenix, Scottsdale, Mesa, Gilbert, Chandler POTENTIAL EXPANSION Florida Georgia North Carolina Tennessee Colorado W#7Median HHI (3 mile radius) 7 $120,000 $100,000 $80,000 $60,000 $40,000 $20,000 PREMIER LOCATIONS IN HIGH GROWTH MARKETS PROPERTIES STRATEGICALLY SITUATED IN HIGH HOUSEHOLD INCOME NEIGHBORHOODS Our Neighborhood HHI's Exceed Peer & National Averages(1) $109,625 $105,606 $101,108 $96,240 $95,182 $93,494 $91,011 $88,765 $83,796 I I T - $81,939 $81,1821 $78,298 $75,234 $74,466 I I $0 UBA FRT BFS REG WSR ROIC RPAI UE KIM AKR RPT 17 Publicly Traded US Shopping center REITS WHITESTONE REIT INVESTOR PRESENTATION FIRST QUARTER 2021 Peer Average: $85,149 National $70,833 $69,533 Average: $63,174 $51,241 SITC KRG WRI CDR BRX WHLR W#8WHAT CRITICAL FACTORS DRIVE WHITESTONE'S SUCCESS? Premier Locations in High Growth Markets "Consumer Driven" Business Model Value Enhancement Focus Capital Management & Strong Performance 8 WHITESTONE REIT INVESTOR PRESENTATION FIRST QUARTER 2021 W#9"CONSUMER DRIVEN” BUSINESS MODEL WE PROACTIVELY APPLY OUR BUSINESS MODEL WE ANALYZE Demographic Analysis and Consumer Psychographics WE PROVIDE Community Services to Consumers Not Available Through eCommerce WE DELIVER Proactive Leasing and Property Management 9 WHITESTONE REIT INVESTOR PRESENTATION FIRST QUARTER 2021#10"CONSUMER DRIVEN" BUSINESS MODEL WE ACQUIRE PROPERTIES THAT ARE: MISMANAGED OVERLEVERAGED FORECLOSED / IN RECEIVERSHIP AND "TURN THEM AROUND" 10 WHITESTONE REIT INVESTOR PRESENTATION FIRST QUARTER 2021 WEL SEZON TAS MAAIDA EXPRESS#1111 "CONSUMER DRIVEN" BUSINESS MODEL WE ANALYZE OUR MARKETS CONSUMER Centric Focus OPTIMIZES Lifestyle Mix FULLY MANAGED & Leased by Owner OPEN AIR DESIGNS & Gathering Areas EXPANDABLE Square Footage TARGETS Entrepreneurial Tenants WHITESTONE REIT INVESTOR PRESENTATION FIRST QUARTER 2021 SAVE#1212 "CONSUMER DRIVEN" BUSINESS MODEL OUR APPLIED USE OF CONSUMER PSYCHOGRAPHICS 1 The data collected through interviews and analytics helps in developing insights and translating it into the optimal tenant mix. 2 Application of psychographics to creatively design Whitestone's communities. 3 Once the characteristics of the consumers are known, strengths and needed improvements of our target market become apparent. 4 Whitestone designs to differentiate our properties and customer experiences. WHITESTONE REIT INVESTOR PRESENTATION FIRST QUARTER 2021 WHO CARES BABY BOOMER GEN X MILLENNIAL GEN Z W#1313 WHOLE FOODS MARKET "CONSUMER DRIVEN" BUSINESS MODEL OUR TENANT MIX usbank KUMON CE Walgreens WELLS FARGO SAFEWAY CHASEO Bashas Your Arna hometown goo Randalls Kroger TRADER JOE'S GNC LIVE WELL CLUB PILATES THE JOINT the chiropractic place CrossFit AutoZone ww ess Wild Beds United AVEDA Phoenix Children's Academy CUBE EXECUTIVE SUITES EUROPEAN WAX CENTER Hardware State Farm RA Sushi-Bar-Restaurant AQUA-TSTS SME/SCHOOLS SWIN SCHOOLS petco RUTH'S CHRIS STEAK HOUSE NORTH ITALIA Fleming's PRIME STEAKHOUSEWIFE BA SoulCafe MASTRO'S RESTAURANTS >GRIMALDI'S COAL BRICK-OVEN PIZZERIA M ALAMO ROOFTOP CINEMA CLUB ups FIVE GUYS Orangetheory BURGERS and FRIES TENANT Restaurant & Food Service Grocery % of ABR(1) % of GLA(1) 23% 17% 9% 15% Financial Services 9% 6% Salons 8% 6% Medical & Dental 8% 7% Non-Retail 6% 5% DRAFTHOUSE CINEMA General Retail 5% 7% Apparel 4% 4% Home Décor & Improvement 5% 7% Education 4% 4% Fitness 4% 5% THE GENTS PLACE Local Services 3% 2% FAMILY MEDICINE Wireless 2% 1% PANCH Off-Price 2% 4% УГУМЕНО ТИЕЕКИО Pet Supplies & Services 2% 3% Entertainment 2% 2% FITNESS Pharmacy & Nutrition 2% 2% Sporting Goods 1% 1% Postal Services 1% 1% Automotive Supply & Services 1% Total 100% 100% WHITESTONE REIT INVESTOR PRESENTATION FIRST QUARTER 2021 W#1414 "CONSUMER DRIVEN" BUSINESS MODEL WE PROACTIVELY LEASE TO CRAFT THE OPTIMAL TENANT MIX Leasing Spreads (1) Executed Leases Sq. Ft. (New and Renewal) 12.0% 10.3% 10.1% 10.0% 1200 10.0% 8.9% 966 953 982 8.2% 1000 901 7.8% 8.0% 7.0% 724 800 676 638 6.0% 600 4.0% 400 2.0% 200 0.0% 0 2015 2016 2017 2018 2019 2020 1Q21 2015 2016 2017 COVID COVID 2018 2019 2020 1Q21(A) COVID COVID WHITESTONE REIT INVESTOR PRESENTATION FIRST QUARTER 2021 W#15"CONSUMER DRIVEN" BUSINESS MODEL WE PROACTIVELY LEASE TO CRAFT THE OPTIMAL TENANT MIX (continued) Expiring Leases Sq. Ft. 707 722 Upcoming Lease Expirations (Sq. Ft. in 000's) Weighted average remaining lease term 800 662 596 540 600 400 = = 4.0 years • Potential to capture growth from below market leases 200 371 171 151 160 68 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Whitestone has nationally- 1 Shorter duration, 3 – 5 year terms - 2 Annual increases of 2 - 3% aligned, commission-driven 3 Personal guarantees leasing teams that employ 5 key practices: 4 No lease covenants 5 No lease co-tenancies 15 WHITESTONE REIT INVESTOR PRESENTATION FIRST QUARTER 2021 W#16WHAT CRITICAL FACTORS DRIVE WHITESTONE'S SUCCESS? Premier Locations in High Growth Markets "Consumer Driven" Business Model Value Enhancement Focus Capital Management & Strong Performance 16 WHITESTONE REIT INVESTOR PRESENTATION FIRST QUARTER 2021 W#17VALUE ENHANCEMENT FOCUS WE CAPITALIZE ON THE INTRINSIC VALUE IN OUR PORTFOLIO Expanding Tenant Space and Property Square Footage Development and Redevelopment Increasing Occupancy in Turnaround Properties Growing Property NOI Square Foot by Square Foot 17 WHITESTONE REIT INVESTOR PRESENTATION FIRST QUARTER 2021 W#1818 VALUE ENHANCEMENT FOCUS OUR VALUE-ADD BEGINS AT THE TIME OF ACQUISITION & CONTINUES ...with operational results that have produced increasing occupancy and growing rent per square foot. OPERATING STATISTICS 2010-2020 Occupancy Growth 11% ABR Growth 89% WHITESTONE REIT INVESTOR PRESENTATION FIRST QUARTER 2021 INCREASING OCCUPANCY GROWING RENT LEVELS 89.1% $19.71 80.3% $10.43 IPO - 3Q10 1Q21 IPO-3Q10 1Q21 OCCUPANCY ABR PER SQ.FT. W#1919 99 0.00 4.00 3.50 3.00 2.50 2.00 1.50 1.00 0.50 0.00 (0.50) (1.00) REG WSR FRT (5.00) (10.00) WSR: -4% (15.00) Peer Average: -9.31% (20.00) WSR ROIC BFS BRX VALUE ENHANCEMENT FOCUS GROW VALUE AND MINIMIZE RISK SAME STORE NOI PERFORMS BETTER THAN PEER AVERAGE IN GOOD YEARS(1): SSNOI Growth Rate FY18 Change (%) SSNOI Growth Rate FY19 Change (%) WSR: +2.4% Peer Average: +2% KIM ROIC SITC RPAI WRI UBA AKR 5.00 4.00 3.00 2.00 WSR: +3.3% Peer Average: +1.8% 1.00 0.00 (1.00) (2.00) KRG WHLR RPT BRX UE CDR BFS (3.00) (4.00) (5.00) SAME STORE NOI PERFORMS BETTER THAN PEERS IN DOWN YEARS (1): SSNOI Growth Rate FY20 Change Due to COVID (%) H KRG CDR WHITESTONE REIT INVESTOR PRESENTATION FIRST QUARTER 2021 RPT KIM WRI SITC REG RPAI UBA RPT AKR ROIC SITC BRX KIM HE FRT RPAI WSR REG UBA KRG WRI BFS CDR WHLR AKR UE FRT#20VALUE ENHANCEMENT FOCUS WE INCREASE SHAREHOLDER VALUE ...through prudent capital allocations INVESTMENTS ARE RISK ADJUSTED Category Acquisitions Re-Development Development 20 20 WHITESTONE REIT INVESTOR PRESENTATION FIRST QUARTER 2021 Anticipated Return 10% to 12% 12% to 15% 15% to 18% W#21VALUE ENHANCEMENT FOCUS WE INCREASE SHAREHOLDER VALUE ...through investment in acquisitions 21 23 ANNUAL ACQUISITION VOLUME (in millions) $250 $200 $150 $100 $50 $- 2011 2012 2013 2014 2015 2016 2017 2018 to 2020 POST COVID-19 WHITESTONE REIT INVESTOR PRESENTATION FIRST QUARTER 2021 W#22VALUE ENHANCEMENT FOCUS WE INCREASE SHAREHOLDER VALUE ...through development & redevelopment • IDENTIFIED STRATEGIC DEVELOPMENTS (4) Total Investment Cost: $199.1M • Incremental NOI: $19.7M • Unlevered Return: 9.9% IDENTIFIED TACTICAL DEVELOPMENTS/REDEVELOPMENTS (6) • Total Investment Cost: $7.2M . Incremental NOI: $2.4M • Unlevered Return: 34% 22 22 • IDENTIFIED PAD SITE DEVELOPMENTS (13) Total Investment Cost: $23.4M Incremental NOI: $2.2M Unlevered Return: 9.4% Market Value @ 6% Cap Rate: $36.6M Market Value @ 6% Cap Rate: $328.6M . Market Value @ 6% Cap Rate: $40.6M . Value Created: $129.5M • Value Created: $33.4M WHITESTONE REIT INVESTOR PRESENTATION FIRST QUARTER 2021 • Value Created: $13.2M W#23VALUE ENHANCEMENT FOCUS CASE STUDY: OUR FUTURE STRATEGIC DEVELOPMENT OPPORTUNITIES 23 23 BLVD DEVELOPMENT Uptown, Houston • Purchased in 2017 • Rooftop cinema added in 2018 • Entitled for future development, 1.4 acres • 137K add'l GLA: mixed use, retail & office • Development cost: $72M • NOI: $6.8M . Potential value add: $40M 4000 WHITESTONE REIT INVESTOR PRESENTATION FIRST QUARTER 2021 MIXED USE, RETAIL, OFFICE PHASE II-B DEVELOPMENT 2 BLVD PLACE PARKING GARAGE Below Level - Floor 5 WHOLE FOODS. PUTURE DEVELOPMENT MetLife CINEMA PHASE II-A BLVD PLACE OPEN-AIR ROOFTOP CINEMA W#24VALUE ENHANCEMENT FOCUS CASE STUDY: OUR FUTURE STRATEGIC DEVELOPMENT OPPORTUNITIES (continued) 24 24 VILLAGE SQUARE DEVELOPMENT Mesa, Arizona • Purchased in 2013 • Entitled for future - 4.7 acres • 200K add'l GLA: mixed use, retail & office 340 unit multifamily & hotel pad sites to lease • Development cost: $115M • O NOI: $11.3M Potential value add: $87M BELE ACAD 340 UNIT MULTIFAMILY MIXED USE, RETAIL, OFFICE WHITESTONE REIT INVESTOR PRESENTATION FIRST QUARTER 2021 HOTEL PAD SITE GROUND LEASE W#25WHAT CRITICAL FACTORS DRIVE WHITESTONE'S SUCCESS? Premier Locations in High Growth Markets "Consumer Driven" Business Model Value Enhancement Focus Capital Management & Strong Performance 25 WHITESTONE REIT INVESTOR PRESENTATION FIRST QUARTER 2021 W#2626 CAPITAL MANAGEMENT & STRONG PERFORMANCE COVID-19 RESPONSE Our Business Discipline for a Downturn Ensured Capital Preservation & Improved Financial Flexibility BALANCE SHEET ACTIONS TAKEN OPERATIONAL PERFORMANCE RESULTS TO DATE Quarter • $50.0M Pending Acquisition Suspended • $30.0M Credit Facility Draw Down ⚫ $31.0M Dividend Reduction SHOPPING CENTER INDUSTRY LEADING RENTAL REVENUE COLLECTIONS (1) $30M COVID Borrowings Repaid by Year End 2020 $10M Additional Debt Reduction in 1Q21 Dividend Increased 2.4% WSR Peer Group Average 2Q20 81% 72% in February 2021 3Q20 90% 87% • +$1.0M Expense Reduction 4Q20 95% 93% 1Q20 95% 94% • $230.0M Development Pause WHITESTONE REIT INVESTOR PRESENTATION FIRST QUARTER 2021 W#27CAPITAL MANAGEMENT & STRONG PERFORMANCE LONG-TERM GOALS Reducing Leverage and G&A as a Percent of Revenue LOWERING DEBT LEVERAGE Feb 2018 4Q15 8.95x 4Q17 8.5x Long Term Plan Announced Debt/EBITDAre- Adjusted Ratio • Increasing cash flows from lease up of vacant spaces and rate increases • Selectively disposing of "highly levered" properties • Financing future acquisitions with a lower debt component SCALING G&A G&A/Revenue Feb 2018 4Q15 20% 4Q17 18.8% Long Term Plan Announced • Reducing general and administrative expenses • • Increasing revenue through lease up of vacant spaces and rental rate increases Growing our asset base 27 27 WHITESTONE REIT INVESTOR PRESENTATION FIRST QUARTER 2021 Year End 2020 9.2x (1) 5-Year Goal 2023 6x - 7x Year End 2020 16.9% (1) 5-Year Goal 2023 8% - 10% W#28CAPITAL MANAGEMENT & STRONG PERFORMANCE TRACK RECORD Despite COVID, Whitestone Still Produced Long-term, Positive Total Shareholder Returns (A/O 4.30.21) 30 20 10 Percentage Return (%) 28 WSR #4 in Total Shareholder Return % - 5 Year WSR TSR: +8.3% 10 Peer Average TSR: -5.95% 20 30 40 40 WRI וווי KRG IRG REG BFS FFF KIM RPT RPT RPAI 16 Publicly Traded US Shopping Center REITS WHITESTONE REIT INVESTOR PRESENTATION FIRST QUARTER 2021 UE FRI FRT AKR RVI SITC W#29$46.6 CAPITAL MANAGEMENT & STRONG PERFORMANCE TRACK RECORD Significant Growth Rates Despite Industry Headwinds 2020 REVENUE CAGR: 6.2% $126.0 $133.8 $130.8 $125.9 $104.4 $93.4 $72.4 $62.1 2012 2013 2014 2015 2016 2017 2018 2019 2020 COVID 2020 NOI CAGR: 6.2% $89.9 $88.6 $83.8 $83.9 $70.3 $62.1 $47.2 $37.8 $28.2 2019 PRE-COVID 5 YEAR CAGR (1) 12.6% - Growth in Revenue 13.4% Growth in NOI 2020 FFO CORE CAGR: 2.6% $48.8 $47.1 $44.9 $39.4 $40.7 $35.8 $28.2 $20.8 $13.0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2012 2013 2014 2015 2016 2017 2018 2019 2020 COVID COVID 9.8% Growth in FFO Core 29 29 WHITESTONE REIT INVESTOR PRESENTATION FIRST QUARTER 2021 2020 COVID 5 YEAR CAGR (1) 6.2% Growth in Revenue 6.2% Growth in NOI 2.6% Growth in FFO Core W#30CAPITAL MANAGEMENT & STRONG PERFORMANCE TRACK RECORD Creating Long-Term Value: 15 Years of Sustained Growth Year(1) Revenue(2) ΝΟΙ 2020 2019 FFO-Core Dividends $125,793 $83,903 $40,704 $25,714 Debt, net Book Equity WA $628,298 $338,326 Shares NAV/Share NAV 43,811 $17.58 $1,398,383 Estimated Cap Rate 6.0% Market Value Implied Cap Rate 8.6% NAV Above (Below) Market Value $420,912 130,860 88,578 44,935 46,682 640,310 353,098 42,386 $ 19.72 $1,476,300 6.0% 7.3% $258,693 2018 133,856 89,949 48,778 46,099 644,119 359,150 41,623 $ 20.54 $1,499,150 6.0% 7.8% $344,733 2017 125,959 83,849 47,090 41,713 655,924 358,318 37,343 $ 23.03 $ 1,516,094 6.0% 7.6% $322,058 2016 104,437 70,345 39,379 32,640 541,344 267,643 29,025 $ 20.07 $ 1,123,788 6.6% 7.7% $165,064 2015 93,416 62,081 35,754 28,946 497,160 246,991 26,113 $ 16.61 $ 930,986 7.2% 8.3% $120,209 2014 72,382 47,230 28,153 26,089 389,857 213,323 23,264 $ 14.62 $ 730,000 7.6% 7.5% $(11,376) 2013 62,145 38,635 20,796 20,985 257,786 220,915 18,869 $ 14.33 $ 528,255 8.5% 8.8% $18,190 2012 46,554 28,915 13,017 16,328 184,064 172,887 14,461 $ 13.68 $ 381,880 9.0% 8.9% $(5,361) 2011 34,915 21,588 9,627 12,019 122,195 130,707 10,747 $ 15.68 $ 290,700 9.0% 10.5% $40,616 2010 31,533 19,250 7,920 7,407 83,350 84,283 5,856 $ 20.37 $ 202,632 9.5% 11.3% $32,613 2009 32,685 19,694 8,618 6,926 95,507 66,859 5,261 $ 19.28 $ 196,940 10.0% 2008 31,201 18,366 4,236 8,672 87,014 67,172 5,261 $ 18.37 $ 183,660 10.0% 2007 30,982 18,029 6,001 9,507 72,650 52,843 5,261 $ 20.46 $ 180,290 10.0% 2006 29,840 16,307 8,993 9,831 58,065 58,914 5,261 $ 19.96 $ 163,070 10.0% 30 30 WHITESTONE REIT INVESTOR PRESENTATION FIRST QUARTER 2021#3131 CAPITAL MANAGEMENT & STRONG PERFORMANCE OUR COMMITMENT TO ESG INITIATIVES Manages investment risk and ensures sustainability for our stakeholders 1 Environmental Highlights 2 | Social Highlights 3 | Corporate Governance Highlights 4 | COVID-19 Response WHITESTONE REIT INVESTOR PRESENTATION FIRST QUARTER 2021 ENVIRONMENTAL, SOCIAL, AND GOVERNANCE (ESG) INITIATIVES INVESTMENT RISK MANAGEMENT LONG TERM SUCCESS W#32• CAPITAL MANAGEMENT & STRONG PERFORMANCE IMPLEMENTED ESG INITIATIVES Implementation of an ESG Committee. • • • Published Whitestone's inaugural Corporate Responsibility & Sustainability Report in 2020. Engagement with ESG rating agencies, proxy advisors and ESG benchmarking platforms including ISS ESG, SASB, GRESB, S&P, MSCI, Sustainalytics, Bloomberg and others to target areas of improvement. Formal establishment of ESG policies: Sustainability Statement; Human Rights Policy; Vendor Code of Conduct; OSHA Policy and a Charter for the ESG Committee. Inaugural participation in ISS ESG and SSgA R-Factor surveys in 2020. 32 WHITESTONE REIT INVESTOR PRESENTATION FIRST QUARTER 2021 W#3333 33 CAPITAL MANAGEMENT & STRONG PERFORMANCE . • . • 1 | ENVIRONMENTAL HIGHLIGHTS In 2021, initiated a Green-e Energy Certified Efficiency Program and executed contracts of approximately 22 million kilowatt hours On-going transition to energy efficient lighting, air filtration systems, and roofing . Replaced 40,000 sf of roofing with environmentally-friendly, 0% ozone-depleting and CFC free material Installed replacement LED lighting across approximately 20% of our portfolio. On-going assessment and installation of recharging stations for electric vehicles Improving walkability and accessibility at properties by designing walking and bicycle paths Retrofitting properties to comply with ADA standards WHITESTONE REIT INVESTOR PRESENTATION FIRST QUARTER 2021 W#34CAPITAL MANAGEMENT & STRONG PERFORMANCE 2 SOCIAL HIGHLIGHTS • • In 2020, improved our ISS "Social' score from a "10" to a "2" rating (Rating Scale: 1 to 10; "1" being the best) Properties serve multi-culturally diverse neighborhoods with ~85 Whitestone employees that speak over 30 different languages and dialects Whitestone's Charitable & Philanthropic Activities where members of senior management donate a percentage of their personal time to develop, teach and train junior associates; teach and lecture at well-regarded universities; perform volunteer work with organizations in Kenya, Rwanda, and India; and donate personal time and money to special causes. 34 WHITESTONE REIT INVESTOR PRESENTATION FIRST QUARTER 2021 W#35CAPITAL MANAGEMENT & STRONG PERFORMANCE 3❘ CORPORATE GOVERNANCE HIGHLIGHTS Board declassification with annual elections of all Trustees began in 2020 • Appointment of Lead Independent Director in 2019 • Five out of six 2020 Trustees are Independent . • Independent Compensation Consultant since 2018 Engaged in executive compensation discussions with approximately 85% of our institutional shareholder base and improved our 2021 Say on Pay Vote result to 86% from 36% in just three years. • Engagement with ISS Consulting since 2018 Stock ownership guidelines for NEOs established in 2018: 3-5x base salary 35 WHITESTONE REIT INVESTOR PRESENTATION FIRST QUARTER 2021 W#36CAPITAL MANAGEMENT & STRONG PERFORMANCE 4 | COVID-19 RESPONSE • Maintaining open lines of communication and are in contact with 100% of our tenants . • Established Whitestone REIT's "COVID CARES" Tenant Counseling team to work closely with tenants helping them apply for COVID 19 CARES Act Relief Resources, including the Paycheck Protection Program (PPP loans), the U.S. Small Business Administration (SBA) Coronavirus Assistance program, and other resources Created a website link providing stakeholders with information regarding healthcare related best practices and local/regional updates regarding operations at our centers during the crisis 36 WHITESTONE REIT INVESTOR PRESENTATION FIRST QUARTER 2021 W#37W WHITESTONE REIT • We have a premier portfolio • We are strategy driven and execution focused to produce results We have the platform to produce excellence in execution • We have significant opportunities for growth We have a track record of superior return on investment • We have a strong belief in the value of diversity, sustainability and good corporate governance 37 37 WHITESTONE REIT INVESTOR PRESENTATION FIRST QUARTER 2021 W#38APPENDIX • Forward-Looking Statements • FFO, FFO Core, NOI, and EBITDA Reconciliation • Footnotes 38 WHITESTONE REIT INVESTOR PRESENTATION FIRST QUARTER 2021 W#39APPENDIX FORWARD-LOOKING STATEMENTS This presentation contains forward looking statements within the meaning of Section 27 A of the Securities Act of 1933 as amended, and Section 21 E of the Securities Exchange Act of 1934 as amended Forward looking statements provide our current expectations or forecasts of future events and are not statements of historical fact These forward looking statements include information about possible or assumed future events, including, among other things, discussion and analysis of acquisitions and the impact of such acquisitions on Whitestone REIT, or the Company, including expected financing developments, capitalization rates and internal rates of return, the financial condition and results of operations of the Company, anticipated capital expenditures required to complete projects, amounts of anticipated cash distributions to the Company's shareholders in the future and other matters These forward looking statements are not historical facts but are the intent, belief or current expectations of the Company's management based on its knowledge and understanding of the Company's 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,""" 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 the Company's control, are difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward looking statements. Forward-looking statements that were true at the time made may ultimately prove to be incorrect or false You are cautioned not to place undue reliance on forward looking statements The Company undertakes no obligation to update or revise forward looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results Factors that could cause actual results to differ materially from any forward looking statements made in this presentation include the Company's ability to meet its long term goals, its assumptions regarding its earnings guidance, including its ability to execute effectively its acquisition and disposition strategy, to continue to execute its development pipeline on schedule and at the expected costs, and its ability to grow its NOI as expected, which could be impacted by a number of factors, including, among other things, its ability to continue to renew leases or re let space on attractive terms and to otherwise address its leasing rollover its ability to successfully identify, finance and consummate suitable acquisitions, and the impact of such acquisitions, including financing developments, capitalization rates and internal rate of return the Company's ability to reduce or otherwise effectively manage its general and administrative expenses, including in connection with the recent proposed nomination of trustees by a shareholder of the Company the Company's ability to fund from cash flows or otherwise distributions to its shareholders at current rates or at all current adverse market and economic conditions lease terminations or lease defaults the impact of competition on the Company's efforts to renew existing leases changes in the economies and other conditions of the specific markets in which the Company operates economic, legislative and regulatory changes, including the impact of the Tax Cuts and Jobs Act of 2017 the success of the Company's real estate strategies and investment objectives and the Company's ability to continue to qualify as a REIT under the Internal Revenue Code of 1986 as amended The forward-looking statements should be read in light of these factors and the factors identified in the "Risk Factors" included in the Company's most recent Annual Report on Form 10 K, Quarterly Reports on Form 10 Q and other reports and information that it files with the Securities and Exchange Commission, or the SEC This presentation is not an offer to sell, nor a solicitation of an offer to buy securities, nor shall there be any sale of securities in any state or jurisdiction in which the offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. The Company obtained the industry, market and competitive position data used in this presentation from (i) its own internal estimates and research of third party company websites and other sources,sources, (ii) industry and general publications and research or (iii) studies and surveys conducted by third parties Such sources generally do not guarantee the accuracy or completeness of included information While the Company believes that the information included in this presentation from such publications, research, studies, surveys and websites is reliable, it has not independently verified data from these third party sources While the Company believes its internal estimates and research are reliable, neither such estimates and research nor such definitions have been verified by any independent source This presentation contains supplemental financial measures that are not calculated pursuant to US generally accepted accounting principles, or GAAP, including EBITDA, FFO, FFO Core, and NOI These non GAAP measures are in addition to, not a substitute for or superior to, measures of financial performance prepared in accordance with GAAP A reconciliation of non GAAP measures to GAAP measures is contained in the Appendix to this presentation. 39 WHITESTONE REIT INVESTOR PRESENTATION FIRST QUARTER 2021 W#40APPENDIX FFO(1), FFO Core(2), NOI (3), EBITDAre (4) and EBITDAre-Adjusted (5) Reconciliation Net income attributable to Whitestone REIT Depreciation and amortization of real estate assets 2011 2012 2013 2014 2015 2016 $ 1.1 $ 7.6 0.1 10.1 $ 3.8 13.3 $ 7.5 16.0 $ 6.7 19.7 $ 7.9 22.2 $ 2017 2018 2019 2020 8.3 $ 26.3 21.4 $ 23.7 $ 25.4 26.5 2.9 2.3 Depreciation and amortization of real estate assets of unconsolidated real estate partnership (Gain) loss on sale or disposal of assets and properties (Gain) loss on sale of assets and properties of discontinued operations, net (0.2) 0.1 0.1 (1.8) 0.2 (3.3) 0.2 (4.5) (0.6) 6.0 $ 28.1 1.7 0.4 1Q21 1.4 7.0 0.4 Gain on sale or disposal of properties or assets of unconsolidated real estate partnership Net income attributable to nonconrolling interests 0.2 0.1 $ 8.7 $ 10.3 $ 17.3 $ 0.2 0.2 21.9 0.2 0.1 $ 26.7 $ 0.2 27.0 $ 0.2 35.0 (6.3) 0.6 (0.6) (13.8) - - 0.1 0.5 0.1 $ 39.4 $ 38.0 S 36.4 $ 0.0 8.8 FFO Rent support agreement Relocation agreement Non cash share-based compensation Legal settlement Proxy contest costs Early debt extinguishment costs of unconsolidated real estate partnership Gain on loan forgiveness Acquisition costs FFO Core Net income attributable to Whitestone REIT General and Administrative Expenses Depreciation and amortization Executive Relocation Expense Equity in earnings of real estate partnership Interest expense Interest, dividend and other investment income Provision for income taxes (Gain) loss on sale or disposal of assets and properties Management fee, net of related expenses Gain on loan forgiveness Loss (gain) on sale of assets and properties of discontinued operations, net Income from discontinued operations Loss on disposal of assets Gain on sale of property from discontinued operations NOI, adjustments for unconsolidated real estate partnership Net income attributable to nonconrolling interests NOI Net income attributable to Whitestone REIT Depreciation and amortization Executive Relocation Expense Equity in earnings of real estate partnership Interest expense Provision for income taxes Profit sharing expense Loss on disposal of assets (Gain) loss on sale or disposal of properties Loss (gain) on sale of assets and properties of discontinued operations, net Gain on loan forgiveness EBITDAre adjustments for unconsolidated real estate partnership Net income attributable to nonconrolling interests EBITDAre Management fee, net of related expenses Share-based compensation expense EBITDAre-Adjusted 2.2 2.3 0.2 (0.2) 4.7 - 7.4 10.2 - 10.4 6.8 6.5 6.1 1.5 2.5 0.1 (1.7) $ 0.7 9.6 $ 0.7 13.0 $ 2011 2012 1.0 20.8 2013 1.4 1.7 2.1 1.6 0.4 $ 28.2 $ 35.8 2014 2015 $ 39.4 2016 $ 47.0 $ 48.7 $ 44.9 $ 40.7 $ 10.3 2017 2018 2019 2020 1Q21 $ 1.1 6.7 $ 0.1 7.6 $ 3.9 $ 10.9 7.6 15.3 $ 6.7 20.3 $ 7.9 23.9 $ 8.3 23.9 $ 21.4 $ 23.3 23.7 $ 21.7 6.0 $ 1.4 21.3 5.6 7.8 10.2 13.1 15.7 19.8 22.5 27.2 25.6 26.7 28.3 7.0 2.2 - - (8.4) (15.1) (0.9) (0.1) 6.4 8.7 10.0 10.6 14.9 19.2 23.7 25.2 26.3 25.8 6.1 (0.5) (0.3) (0.2) (0.1) (0.3) (0.4) (0.4) (1.0) (0.7) (0.2) (0.0) 0.2 0.3 0.3 0.3 0.4 0.3 0.4 0.3 0.4 0.4 0.1 (0.3) 0.1 0.1 0.2 (3.3) 0.2 (4.6) (0.2) (0.9) (0.0) (0.0) - 0.3 (1.7) 0.1 (0.6) (0.3) (0.5) (1.9) 0.1 0.4 0.2 0.2 13 6.7 19.8 7.7 0.1 0.1 0.1 0.2 $ 21.6 $ 28.9 $ 37.8 $ 47.2 $ 62.1 $ 0.5 83.8 0.5 $ 89.9 $ 2011 2012 2013 2014 2015 2017 2018 1.1 $ 0.1 $ 7.8 10.2 3.8 13.4 7.6 $ 7.9 $ 16.0 22.5 8.3 27.2 $ 21.4 $ 25.7 26.7 2.2 (8.4) (15.0) (0.9) (0.1) 6.4 8.7 10.2 10.6 14.9 19.2 23.7 25.2 26.3 25.8 6.1 0.2 0.3 0.3 0.3 0.4 0.3 0.4 0.3 0.4 0.4 0.1 6.3 4.2 0.5 0.1 0.9 O.O $ 70.3 2016 88.5 S 83.9 S 21.1 $ 2019 23.7 $ 2020 1Q21 6.0 $ 1.4 28.3 7.0 - 0.1 0.2 0.4 0.1 0.1 0.1 (1.8) Q2 (3.3) 0.2 (4.6) (0.9) (0.6) (1.7) 7.4 5.9 3.5 0.7 0.2 0.1 S 15.8 $ 21.6 $ 27.9 $ 0.2 32.9 $ 0.1 42.1 $ 0.2 46.8 $ 0.5 60.3 S 0.5 67.6 $ 0.5 67.2 0.1 S 61.8 $ 15.2 0.08 1.5 40 WHITESTONE REIT INVESTOR PRESENTATION FIRST QUARTER 2021 $ 16.8 W#41APPENDIX FOOTNOTES Page 3: (1) As of March 31, 2021 and WSR common shares and operating units of $9.70 per share, except where indicated. (2) Through May 4, 2021. (3) As of May 4, 2021 and WSR common shares and operating units of $9.92 per share (4) Based on TTM NOI as of December, 31, 2020 at a capitalization rate of 6%. (5) As of the latest Definitive Proxy Filing on April 2, 2021. Page 5: Note: Portfolio includes 1 property in Chicago. (1) As a percentage of portfolio NOI as of March 31, 2021. Page 6: Note: Portfolio includes 1 property in Chicago. (1) Source: Claritas, 5 year projection as of April 2017. Page 7: (1) Source: S&P Global Market January 2021. Page 13: (1) As of March 31, 2021 Page 14: (1) Annual leasing spread represents the year over year percentage increase in contractual rent per square foot for lease renewals and new leases executed during the trailing twelve months for the respective period. Page 19: (1) Source: S&P Global Market January 2021. Page 26: (1) Source: Company filings as of March 31, 2021. Peers include Acadia Realty Trust, Brixmor Property Group Inc., Cedar Realty Trust Inc., Federal Realty Investment Trust, Kimco Realty Corp., Kite Realty Group Trust, RPT Realty, Regency Centers Corp., Retail Opportunity Investments Corp., Retail Properties of America, Inc., Saul Centers Inc., Site Centers Corp, Urban Edge Properties, Urstadt Biddle Properties Inc., Weingarten Realty Investors, and Wheeler REIT Inc. Page 27: (1) Year ended December 31, 2021, includes pro rata share of revenue from equity investment in real estate partnership. Page 29: (1) Note: Dollars in millions, CAGR Timeframe January 1, 2016 through December 31, 2020. Includes Pro rata share of investment in real estate partnership. Page 30: Based on the share price on the December 31st of the corresponding year. (1) (2) Includes pro rata share of equity investment in real estate partnership. Page 40: (1) FFO: Management believes that FFO is a useful measure of the Company's operating performance. The Company computes FFO as defined by NAREIT, which states that FFO should represent net income available to common shareholders (computed in accordance with GAAP) excluding gains or losses from sales of operating assets, impairment charges and extraordinary items, plus depreciation and amortization of operating properties, including the Company's share of unconsolidated real estate joint ventures and partnerships. FFO does not represent cash flows from operating activities determined in accordance with GAAP and should not be considered an alternative to net income as an indication of the Company's performance or to cash flow from operations as a measure of liquidity or ability to make distributions and service debt. Management considers FFO a useful additional measure of performance for an equity REIT because it facilitates an understanding of the operating performance of its properties without giving effect to real estate depreciation and amortization, which assumes that the value of real estate assets diminishes predictably over time. Since real estate values have historically risen or fallen with market conditions, management believes that FFO provides a more meaningful and accurate indication of the Company's performance and useful information for the investment community to compare Whitestone to other REITs since FFO is generally recognized as the industry standard for reporting the operations of REITs. Other REITs may use different methodologies for calculating FFO, and accordingly, the Company's FFO may not be comparable to other REITs. The Company presents FFO per diluted share calculations that are based on the outstanding dilutive common shares plus the outstanding OP units for the periods presented. (2) FFO Core: Management believes that the computation of FFO in accordance with NAREIT's definition includes certain non-cash and non-comparable items that affect the Company's period-over-period performance. These items include, but are not limited to, legal settlements, non-cash share-based compensation expense, rent support agreement payments received from sellers on acquired assets and acquisition costs. In addition, the Company believes that FFO Core is a useful supplemental measure for the investing community to use in comparing the Company to other REITs as many REITs provide some form of adjusted or modified FFO. However, other REITs may use different adjustments, and the Company's FFO Core may not be comparable to the adjusted or modified FFO of other REITs. (3) NOI: Management believes that NOI is a useful measure of the Company's property operating performance. The Company defines NOI as operating revenues (rental and other revenues) less property and related expenses (property operation and maintenance, insurance and real estate taxes). Because NOI excludes general and administrative expenses, depreciation and amortization, involuntary conversion, interest expense, interest income, provision for income taxes, gain or loss on sale or disposition of assets and capital expenditures and leasing costs, 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. The Company uses NOI to evaluate its operating performance since NOI allows the Company to evaluate the impact of factors, such as occupancy levels, lease structure, lease rates and tenant base, have on the Company's results, margins and returns. In addition, management believes that NOI provides useful information to the investment community about the Company's 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 the Company's overall financial performance since it does not reflect general and administrative expenses, depreciation and amortization, involuntary conversion, interest expense, interest income, provision for income taxes, gain or loss on sale or disposition of assets, and the level of capital expenditures and leasing costs necessary to maintain the operating performance of the Company's properties. Other REITs may use different methodologies for calculating NOI, and accordingly, the Company's NOI may not be comparable to that of other REITs. (4) EBITDAre: Management believes that EBITDAre is an appropriate supplemental measure of operating performance to net income attributable to the Company. 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. The Company calculates EBITDAre in a manner consistent with the NAREIT definition. Management believes that EBITDAre will represent a supplemental non-GAAP performance measure that will provide 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 should not be considered as alternatives 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. (5) EBITDAre-Adjusted: The Company also presents EBITDAre-Adjusted as an additional supplemental measure as we believe it is reflective of the core operating performance of our portfolio of properties. EBITDAre-Adjusted is defined as NAREIT EBITDAre excluding charges and gains related to non-cash and non-operating transactions and other events that could affect the comparability of operating results. Specific examples of items excluded from EBITDAre-Adjusted include, but are not limited to, share-based compensation and management fees, net of related costs. There can be no assurance that EBITDAreAdjusted as presented by the Company is comparable to similarly titled measures of other REITs. EBITDAre-Adjusted should not be considered 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-Adjusted does not reflect working capital changes, cash expenditures for capital improvements or principal payments on indebtedness. 41 WHITESTONE REIT INVESTOR PRESENTATION FIRST QUARTER 2021 W