Whitestone REIT

Our tenants consist of national, regional and local businesses. Our properties generally attract a mix of tenants who provide basic staples, convenience items and services tailored to the specific cultures, needs and preferences of the surrounding community. These types of tenants are the core of our strategy of creating Whitestone-branded Community Centered Properties®. We also believe daily sales of basic items are less sensitive to fluctuations in the business cycle than higher priced retail items. Our largest tenant represented only 2.1% of our total revenues for the year ended December 31, 2025.

Substantially all of our revenues consist of base rents received under leases that generally have terms that range from less than one year to 15 years. The following table summarizes certain information relating to our properties as of December 31, 2025:

Average

Average · Annualized Base · Annualized Base

Occupancy as of · Rental Revenue · Rental Revenue

Commercial Properties · GLA · 12/31/2025 · (in thousands) (1) · Per Sq. Ft. (2)

Whitestone · 4,857,508 · 95 · 116,640 · 25.28

(1) · Calculated as the tenant’s actual December 31, 2025 base rent (defined as cash base rents including abatements) multiplied by 12. Excludes vacant space as of December 31, 2025. Because annualized base rental revenue is not derived from historical results that were accounted for in accordance with Generally Accepted Accounting Principles (“GAAP”), historical results differ from the annualized amounts. Total abatements for leases in effect as of December 31, 2025 equaled approximately $438,000 for the month ended December 31, 2025.

(2) · Calculated as annualized base rent divided by GLA leased as of December 31, 2025. Excludes vacant space as of December 31, 2025.

Our largest property, BLVD Place, a retail community purchased on May 26, 2017 and located in Houston, Texas, accounted for 9.7% of our total revenues for the year ended December 31, 2025. BLVD also accounted for 14.6% of our real estate assets, net of accumulated depreciation, for the year ended December 31, 2025.

As of December 31, 2025, approximately $154.0 million of our total debt of $649.4 million was secured by five of our properties with a combined net book value of $254.4 million.

Location of Properties

Of our 56 wholly-owned properties, 11 are located in the greater Dallas metropolitan statistical area. These properties represent 19% of our revenue for the year ended December 31, 2025. 10 are located in the greater Houston metropolitan statistical area. These properties represent 24% of our revenue for the year ended December 31, 2025. An additional 25 of our wholly-owned properties are located in the greater Phoenix metropolitan statistical area and represent 43% of our revenue for the year ended December 31, 2025.

According to the preliminary report from the United States Census Bureau, Dallas, Houston and Phoenix ranked forth, fifth and eleventh, respectively, in the largest United States metropolitan statistical areas as of December 31, 2025. The following table sets forth information about the unemployment rate in Dallas, Houston, Phoenix and nationally during the last six months of 2025.

July · Aug. · Sept. · Oct. · Nov. · Dec.

National (1) · 4.3 · 4.3 · N/A · 4.4 · 4.5 · 4.4

Dallas (2) · 4.0 · 4.4 · 4.2 · N/A · 4.0 · 3.7 · (P)

Houston (2) · 4.5 · 5.0 · 4.8 · N/A · 4.5 · 4.2 · (P)

Phoenix (2) · 4.1 · 4.2 · 4.1 · N/A · 3.8 · 3.5 · (P)

(1) · Seasonally adjusted.

(2) · Not seasonally adjusted.

(P) · Represents preliminary estimates.

Source: Bureau of Labor Statistics

General Physical and Economic Attributes

The following table sets forth certain information relating to each of our properties owned as of December 31, 2025.

Whitestone REIT and Subsidiaries Property Details As of December 31, 2025

Year Built/ · Gross Leasable · Percent Occupied at · Annualized Base Rental Revenue · Average Base Rental Revenue Per · Average Net Effective Annual Base Rent Per Leased

Community Name · Location · Renovated · Square Feet · 12/31/2025 · (in thousands) (1) · Sq. Ft. (2) · Sq. Ft.(3)

Ahwatukee Plaza · Phoenix · 1979 · 72,650 · 87 · 898 · 14.21 · 13.73

Anderson Arbor · Austin · 2001 · 89,746 · 91 · 2,146 · 26.28 · 26.89

Anthem Marketplace · Phoenix · 2000 · 113,293 · 99 · 1,981 · 17.66 · 18.09

Anthem Marketplace Phase II · Phoenix · 2019 · 6,853 · 100 · 244 · 35.60 · 33.85

Arcadia Towne Center · Phoenix · 1966 · 69,503 · 100 · 1,796 · 25.84 · 26.89

Ashford Village · Houston · 1979 · 81,519 · 100 · 1,416 · 17.37 · 18.51

BLVD Place · Houston · 2014 · 216,944 · 99 · 9,561 · 44.52 · 44.17

The Citadel · Phoenix · 2013 · 28,547 · 57 · 391 · 24.03 · 26.06

City View Village · San Antonio · 2005 · 17,870 · 90 · 581 · 36.13 · 35.94

Dana Park Pad · Phoenix · 2002 · 12,000 · 100 · 342 · 28.50 · 29.25

Davenport Village · Austin · 1999 · 128,934 · 97 · 3,870 · 30.94 · 36.00

Eldorado Plaza · Dallas · 2004 · 219,287 · 97 · 3,357 · 15.78 · 15.62

Fountain Square · Phoenix · 1986 · 118,209 · 92 · 2,097 · 19.28 · 19.02

Fulton Ranch Towne Center · Phoenix · 2005 · 120,575 · 93 · 2,335 · 20.82 · 20.86

Garden Oaks Shopping Center · Houston · 1954 · 106,858 · 96 · 1,815 · 17.69 · 18.20

Gilbert Tuscany Village · Phoenix · 2009 · 49,415 · 90 · 1,044 · 23.47 · 22.87

Heritage · Dallas · 2006 · 70,431 · 96 · 1,965 · 29.06 · 32.11

HQ Village · Dallas · 2009 · 89,134 · 95 · 2,876 · 33.96 · 33.37

Keller Place · Dallas · 2001 · 93,541 · 97 · 1,200 · 13.23 · 13.47

La Mirada · Phoenix · 1997 · 147,209 · 100 · 4,133 · 28.08 · 29.89

Lake Woodlands Crossing · Houston · 2018 · 60,246 · 100 · 2,147 · 35.64 · 35.85

• Whitestone Fountain Square, LLC Delaware⁴
• Whitestone Garden Oaks, LLC Delaware⁴
• Whitestone Headquarters Village, LLC Delaware⁴
• Whitestone Heritage Trace Plaza 1, LLC Delaware⁴
• Whitestone Heritage Trace Plaza 2, LLC Delaware⁴
• Whitestone Houston BLVD Place Phase II, LLC Delaware⁴
• Whitestone Houston BLVD Place, LLC Delaware⁴
• Whitestone Keller Place, LLC Delaware⁴
• Whitestone La Mirada, LLC Delaware⁴
• Whitestone Lake Woodlands Crossing, LLC Delaware⁴
• Whitestone Lakeside Market, LLC Delaware⁴
• Whitestone Las Colinas Village, LLC Delaware⁴
• Whitestone Market Street at DC Ranch, LLC Delaware⁴
• Whitestone Paradise Village, LLC Delaware⁴
• Whitestone Parkside Village North, LLC Delaware⁴
• Whitestone Parkside Village South, LLC Delaware⁴
• Whitestone Pecos Ranch, LLC Delaware⁴
• Whitestone Pinnacle of Scottsdale - Phase II, LLC Delaware⁴
• Whitestone Pinnacle of Scottsdale, LLC Delaware⁴
• Whitestone Promenade, LLC Delaware⁴
• Whitestone Quinlan Crossing, LLC Delaware⁴
• Whitestone REIT Operating Company IV, LLC Texas⁴
• Whitestone REIT Operating Partnership III GP, LLC Texas⁴
• Whitestone REIT Operating Partnership III LP Texas⁴
• Whitestone REIT Operating Partnership III LP, LTD Texas⁴
• Whitestone REIT Operating Partnership, LP Delaware⁴
• Whitestone Realty, LLC Arizona⁴
• Whitestone Retail Services, L.L.C. Delaware⁴
• Whitestone San Clemente LLC Delaware⁴
• Whitestone Scottsdale Commons, LLC Delaware⁴
• Whitestone Seville, LLC Delaware⁴
• Whitestone Shops at Pinnacle, LLC Delaware⁴
• Whitestone Shops at Starwood - Phase III, LLC Delaware⁴
• Whitestone Shops at Starwood, LLC Delaware⁴
• Whitestone Strand, LLC Delaware⁴
• Whitestone SunnySlope Village, L.L.C. Delaware⁴
• Whitestone TRS, Inc. Delaware⁴
• Whitestone Terravita Marketplace, LLC Delaware⁴
• Whitestone Towne Center Corner, LLC Delaware⁴
• Whitestone Towne Center, LLC Delaware⁴
• Whitestone Village Shops, LLC Delaware⁴
• Whitestone Village Square at Dana Park Corner, LLC Delaware⁴
• Whitestone Village Square at Dana Park Development Land, LLC Delaware⁴
• Whitestone Village Square at Dana Park, LLC Delaware⁴
• Whitestone Williams Trace Plaza, LLC Delaware⁴
• Whitestone Williams Trace Shops, LLC Delaware⁴
• Whitestone Woodlake Plaza, LLC Delaware⁴
• Whitestone World Cup Plaza LLC Delaware⁴

• Many of our real estate costs are fixed, even if income from our properties decreases, which would cause a decrease in net income.
• Pandemics, epidemics, or other health crises could materially and adversely impact and disrupt our business, financial condition, results of operations and cash flows.
• We lease our properties to approximately 1,500 tenants and leases for approximately 10% to 20% of our GLA expire annually. Each year we face the risk of non-renewal of a significant percentage of our leases and the cost of re-leasing a significant amount of our available space, and our failure to meet leasing targets and control the cost of re-leasing our properties could adversely affect our rental revenue, operating expenses and results of operations.
• Many of our tenants are small businesses, which may have a higher risk of bankruptcy or insolvency.
• Uninsured losses relating to real property or excessively expensive premiums for insurance coverage may adversely affect our returns.
• Discovery of previously undetected environmentally hazardous conditions may adversely affect our operating results.
• Our success depends in part on our ability to execute our Community Centered Property® strategy.
• Our business is significantly influenced by demand for retail space generally, and a decrease in such demand may have a greater adverse effect on our business than if we owned a more diversified real estate portfolio.
• We face risks relating to cybersecurity attacks, loss of confidential information and other business disruptions.
• We are subject to risks related to corporate social and environmental responsibility and reputation.
• Loss of our key management could adversely affect performance and the value of our common shares.
• Risk of Litigation
• Risks Associated with Our Indebtedness and Financing
• Current market conditions could adversely affect our ability to refinance existing indebtedness or obtain additional financing for growth on acceptable terms or at all, which could adversely affect our ability to grow, our interest cost and our results of operations.
• Our failure to hedge effectively against interest rate changes may adversely affect results of operations.
• We currently have and may incur additional mortgage indebtedness and other borrowings, which may increase our business risks and may adversely affect our ability to make distributions to our shareholders.
• If we set aside insufficient working capital or are unable to secure funds for future tenant improvements, we may be required to defer necessary property improvements, which could adversely impact the quality of our properties and our results of operations.
• We have in the past and may continue to structure acquisitions of property in exchange for limited partnership units in our Operating Partnership on terms that could limit our liquidity or our flexibility.
• Risks Associated with Income Tax Laws
• If we fail to qualify as a REIT, our operations and distributions to shareholders would be adversely impacted.
• We may need to incur additional borrowings to meet the REIT minimum distribution requirement and to avoid excise tax.
• If our Operating Partnership were classified as a “publicly traded partnership” taxable as a corporation for federal income tax purposes under the Code, we would cease to qualify as a REIT and would suffer other adverse tax consequences.
• Complying with REIT requirements may cause us to forego otherwise attractive opportunities or liquidate otherwise attractive investments.
• Dividends payable by REITs do not qualify for the reduced tax rates available for some dividends.
• Complying with REIT requirements may limit our ability to hedge effectively and may cause us to incur tax liabilities.
• Changes to the U.S. federal income tax laws, including the enactment of certain tax reform measures, could have an adverse impact on our business and financial results.
• Risks Related to Ownership of our Common Shares
• The market value of our common shares is subject to various factors that may cause significant fluctuations or volatility.
• Our Board may change our business strategy, investment policy or objectives without shareholder approval.
• Maryland takeover statutes may deter others from seeking to acquire us and prevent shareholders from making a profit in such transactions.
• The MGCL, the Maryland REIT Law and our organizational documents limit shareholders’ rights to bring claims against our officers and trustees.
• The terms of our employment agreements with our executive officers and severance arrangements with other employees and the terms of certain equity awards granted to our employees may deter others from seeking to acquire us or reduce the price of any such acquisition.
• We may issue preferred shares with a preference in distributions over our common shares, and our ability to issue preferred shares and additional common shares may deter or prevent a sale of our common shares in which you could profit.
• Future offerings of debt, which would be senior to our common shares upon liquidation, and/or preferred equity securities that may be senior to our common shares for purposes of distributions or upon liquidation, may adversely affect the market price of our common shares.
• General Risk Factors
• Market disruptions may significantly and adversely affect our financial condition and results of operations.
• The value of investments in our common shares will be directly affected by general economic and regulatory factors we cannot control or predict.
• Climate change and natural disasters could adversely affect our properties and business.
• We may not be successful in consummating suitable acquisitions or investment opportunities, which may impede our growth and adversely affect the trading price of our common shares.
• Our systems may not be adequate to support our growth, and our failure to successfully oversee our portfolio of properties could adversely affect our results of operations.
• Shareholder activism efforts or unsolicited offers from a third-party could cause a material disruption to our business and financial results.
• There can be no assurance that we will be able to pay or maintain cash distributions or that distributions will increase over time.
• Any weaknesses identified in our system of internal controls by us and our independent registered public accounting firm pursuant to Section 404 of the Sarbanes-Oxley Act of 2002 could have an adverse effect on our business.