Whitestone REIT Investor Presentation
CAPITAL 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
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