CONNECTING COMMUNITY AND CONVENIENCE W WHITESTONE REIT EARNINGS PRESENTATION Q1 2023 IMPROVING METRICS ACROSS THE BOARD Strong Results Driven By A Consistent Strategy Revenue ($'s in millions) + 5.1% $35.9 $34.1 FFO Per Share - 20.0%* $0.24* $0.30* Ratio of Debt to Pro Forma EBITDAre - 5.5%* 7.8x* 7.3x* Same Store NOI ($'s in millions) + 2.8% $23.7 $23.0 Occupancy + 170 Basis Points 92.7% 91.0% Annual Net Effective Average Base Rent ("ABR") + 4.7% $22.22 $21.23 Leasing Spreads (Straight Line) New: 9.5% Rene ...

Table on Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Commission File Number: 001-34855 ______________________________ WHITESTONE REIT (Exact Name of Registrant as Specif ...

财务数据和关键指标变化 - 2022年FFO增长近20%，达到每股1.03美元，其中包括一次性受限股没收收益0.04美元 [11][26] - 2022年同店NOI增长近8%，转化为每股0.13美元 [11][26] - 2022年债务与EBITDA比率从一年前的9.1倍改善至7.8倍，2020年该比率超10倍 [12] - 2022年G&A费用较2021年降低460万美元，排除一次性220万美元薪酬调整后，2022年G&A费用为2030万美元，2023年目标为1920 - 1970万美元 [12][29] - 2023年预计FFO每股在0.95 - 0.99美元之间，以中点0.97美元计算，同店NOI增长贡献每股0.06美元，G&A节省0.02美元，其他非同店NOI改善贡献0.01美元，更高利息费用预计导致每股减少0.11美元 [27] 各条业务线数据和关键指标变化 - 2022年直线租赁利差全年为16.6%，第四季度为23.5% [12] - 2022年出售6处房产，总价3580万美元，资本化率5.6%；收购2处房产，总价2750万美元，资本化率7% [12] - 2022年百分比销售收入约200万美元，即每股0.04美元，超半数在第四季度，预计2023年有类似模式且第四季度更强 [28] 各个市场数据和关键指标变化 - 截至2022年底，近60%的物业 occupancy率达到或超过95%，整体入住率创纪录达到93.7%，10000平方英尺以上的锚定空间入住率为98%，小空间入住率为91.2% [14] 公司战略和发展方向和行业竞争 - 公司愿景是通过激励团队成员，为客户创造成功，满足繁荣社区不断变化的需求，打造一流团队创造房地产价值 [7] - 战略聚焦于增长市场的合适位置、以便利为导向且小空间多、大盒子少的购物中心，填充满足社区需求的租户组合 [8] - 2023年将重点进行重新招商，以推动同店NOI增长 [19] - 收购团队关注消费者流量、选址和竞争定位，评估创业企业成功因素，承保过程考虑企业长期发展 [20][22] - 有意出售Pillarstone资产权益，正通过法律途径推进 [38] 管理层对经营环境和未来前景的评论 - 2022年是表现出色的一年，多项指标超年度指引，预计积极势头将延续至2023年 [8][10] - 公司所处经济环境与许多关注美联储的投资者预期不一致，但会坚持策略为投资者提供更强回报 [16] - 2023年运营表现有望强劲，展示差异化战略价值 [25] 其他重要信息 - 公司获得投资级信用评级，与股东和分析师互动增加，获得卖方研究覆盖，在ESG方面有行动并获ISS评分提升 [13] - 超90%的租约为三净租约，多数租约年租金递增3% - 4% [25] 总结问答环节所有的提问和回答 问题: 展望中的杠杆率降低是否涉及资产出售 - 2023年计划进行一些资本循环，杠杆率降低主要来自盈利改善和运营现金流偿债，以及持续增长EBITDA [32][33] 问题: 战略是否仍是匹配收购与处置并进行资本循环 - 交易市场困难，公司在收购方面保持耐心和纪律，会继续审视物业，寻找可回收价值的物业进行循环，2023年建模未包含收购增长，但有一些循环计划 [34][35] 问题: 指引中坏账增加的原因及观察名单是否有变化 - 预测坏账率在0.75% - 1.5%，2022年底约为0.82% - 0.83%，处于范围低端，目前收款无倒退情况，范围上限接近历史水平，下限为2022年水平 [36] 问题: 2023年Pillarstone资产预期 - 公司希望变现Pillarstone权益，正通过法律活动推进，会在公开文件中更新进展 [38] 问题: 2023年指引中假设的租赁利差情况 - 预计2023年剩余时间租赁利差强劲，与2022年第三、四季度类似，2023年到期租约租金处于通胀前较低水平，租赁利差改善趋势持续，第一季度有所缓和，同时公司也在关注重新招商 [39][40] 问题: 投资级评级对信贷额度定价是否有帮助 - Kroll的投资级评级目前未带来定价优惠，但预计会改善债务市场准入和未来定价，随着盈利改善可能实现信贷额度定价降低 [42] 问题: 是否计划与其他评级机构合作以获得更好定价 - 目前暂无立即计划，未来可能会考虑 [44] 问题: 如何控制运营费用以及2023年预期 - 公司实施了纪律、问责和明确目标，对物业进行规划，制定3 - 5年资本计划，精简团队并减少人员，2023年注重问责 [45][48] 问题: 垫场和再开发机会是否有进展或决策 - 公司在投资组合中仍有大量从多余土地开发垫场的机会，虽暂无重大进展，但回报可观，部分项目受市政规划和疫情影响有较长前置时间，会持续推进并提供更多细节 [49][50]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Commission File Number 001-34855 WHITESTONE REIT (Exact Name of Registrant as Specified in Its Charter) Mar ...

Whitestone REIT (NYSE:WSR) Q3 2022 Earnings Conference Call November 2, 2022 8:00 AM ET Company Participants David Mordy - Director, Investor Relations David Holeman - Chief Executive Officer Christine Mastandrea - Chief Operating Officer Scott Hogan - Chief Financial Officer Conference Call Participants Mitchell Germain - JMP Securities LLC Gaurav Mehta - EF Hutton Craig Kucera - B. Riley FBR Inc. Michael Diana - Maxim Group Operator Greetings and welcome to Whitestone REIT Third Quarter 2022 Earnings Call ...

CONNECTING COMMUNITY AND CONVENIENCE EARNINGS PRESENTATION: Q3 2022 W WHITESTONE REIT IMPROVING METRICS ACROSS THE BOARD Strong Results Driven By A Consistent Strategy Revenue ($'s in millions) + 9.1% $35.4 $32.4 FFO Per Share + 9.1% $0.24 $0.22 Ratio of Debt to Pro Forma EBITDAre + 7.9% 8.2x 8.9x Same Store NOI ($'s in millions) + 4.5% $21.6 $20.7 Occupancy + 260 Basis Points 92.5% 89.9% Annual Net Effective Average Base Rent ("ABR") + 6.5% $21.73 $20.41 Leasing Spreads (Straight Line) New: 16.5% Renewal: ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q For the quarterly period ended June 30, 2022 (Mark One) OR ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Commission File Number 001-34855 WHITESTONE REIT (Exact Name of Registrant as Specified in Its Charter) Maryland ...

Whitestone REIT (NYSE:WSR) Q2 2022 Earnings Conference Call August 3, 2022 8:00 AM ET Company Participants David Mordy - Director, Investor Relations Dave Holeman - Chief Executive Officer Christine Mastandrea - Chief Operating Officer Scott Hogan - Chief Financial Officer Conference Call Participants Mitch Germain - JMP Securities Gaurav Mehta - EF Hutton Craig Kucera - B. Riley Securities Operator Greetings. Welcome to Whitestone REIT’s Second Quarter 2022 Earnings Conference Call. At this time, all parti ...

CONNECTING COMMUNITY AND CONVENIENCE EARNINGS PRESENTATION: Q2 2022 W WHITESTONE REIT IMPROVING METRICS ACROSS THE BOARD Strong Results Driven By A Consistent Strategy Revenue ($'s in millions) + 14.3% $34.9 $30.6 FFO Per Share + 4.2% $0.25 $0.24 Ratio of Debt to Pro Forma EBITDAre + 5.7% 8.3X 8.8X Same Store NOI ($'s in millions) + 7.9% $21.8 $20.2 Occupancy + 150 Basis Points 91.5% 89.9% Annual Net Effective Average Base Rent ("ABR") + 8.9% $21.72 $19.95 Q2 Leasing Spreads (Straight Line) New: 15.6% Renew ...

CONNECTING COMMUNITY AND CONVENIENCE INVESTOR PRESENTATION MAY 2022 W WHITESTONE REIT | --- | --- | --- | |---------------|-------------------------|-----------------------| | | | | | | | | | | WSR AT A GLANCE | | | | | | | Properties | 60 5.2 M SF Total GLA | 91% Occupancy | | | | | | 1,500+ | ~$620 M (1) | $20+ | | Total Tenants | Equity Market Cap | PSF Annual Base Rent | ▪ Quality Properties and Revenue ▪ Top Sun Belt Markets ▪ Inflation Protected Structure ▪ Strong Growth and Income Potential (1) As of ...