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Whitestone REIT Investor Presentation

VALUE 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

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