WSR Whitestone REIT

Whitestone REIT (NYSE: WSR) (“Whitestone” or the “Company”), a leading owner and operator of open-air, e-commerce resistant, lifestyle community-centered retail properties located in the largest, fastest-growing and most affluent Texas and Arizona markets in the Sunbelt, provides a business update regarding the dividend for the first quarter of 2021, liquidity borrowings, and rental collections for the month of November.

Dividend AnnouncementWhitestone REIT’s Board of Trustees has declared a monthly cash dividend of $0.035 per share on the Company’s common shares and operating partnership units. The dividend amount of $0.035 per share represents a quarterly amount of $0.105, and an annualized amount of $0.42 per share. The first quarter dividend distribution for 2021 will be as detailed below:

Month		Record Date	Payment Date
January		1/5/2021	1/14/2021
February		2/2/2021	2/11/2021
March		3/2/2021	3/11/2021

Full Repayment of COVID Liquidity BorrowingsBy year-end, the Company expects to repay in full the liquidity borrowings of $30 million that Whitestone had previously drawn on its unsecured credit facility on March 17th 2020. The Company repaid approximately $10 million in Q3 2020 and expects to repay the remaining $20 million in December 2020.

The payoff of liquidity was from cash flow and cash on hand.

Rental Collections(1)

	November2020	Third Quarter 2020	Second Quarter2020
% of Billed Recurring RentsCollected - Cash	92.4%	90%	81%

(1) Collection rates are calculated as the cash base rents and NNN payments received during the applicable quarter through December 8, 2020, divided by the contractual base rents and estimated NNN charges billed each quarter. Contractual base rents and NNN payments billed have not been adjusted for any COVID-19 related rent relief.

Jim Mastandrea, Chairman and Chief Executive Officer commented, “Our business, portfolio, and tenants continue to exhibit remarkable strength and resiliency, as evidence by our rental collection results and projected full repayment of our $30 million in liquidity borrowings from our unsecured credit facility by year end. We are also pleased to announce our 126th, 127th, and 128th consecutive monthly dividend for the first quarter of 2021.” Mr. Mastandrea concluded, “Whitestone’s business model continues to show strength in our strategically-chosen markets, and supports our local tenant entrepreneurs as they continue to serve the essential lifestyle needs of their communities.”

About Whitestone REITWhitestone is a community-centered shopping center REIT that acquires, owns, manages, develops and redevelops high-quality neighborhood centers primarily in the largest, fastest-growing and most affluent markets in the Sunbelt. Whitestone seeks to create Communities That Thrive through Creating Local Connections between consumers in the surrounding communities and a well-crafted mix of national, regional, and local tenants that provide daily necessities, needed services, entertainment, and experiences.

Whitestone is a member of the Sure Dividend Monthly Dividend Stock List and has consistently paid dividends for over 15 years. Whitestone’s strong balanced and managed capital structure provides stability and flexibility for growth and positions Whitestone to perform well through economic cycles. For additional information, please visit www.whitestonereit.com.

Forward-Looking Statements Certain statements contained in this press release constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Company intends for all such forward-looking statements to be covered by the safe-harbor provisions for forward-looking statements contained in Section 27A of the Securities Act and Section 21E of the Exchange Act, as applicable. Such information is subject to certain risks and uncertainties, as well as known and unknown risks, which could cause actual results to differ materially from those projected or anticipated. Therefore, such statements are not intended to be a guarantee of our performance in future periods. Such forward-looking statements include statements about our earnings guidance, future liquidity, performance growth and expectations and other matters and can generally be identified by the Company’s use of forward- looking terminology, such as “may,” “will,” “plan,” “expect,” “intend,” “anticipate,” “believe,” “continue,” “goals” or similar words or phrases that are predictions of future events or trends and which do not relate solely to historical matters.

The following are additional factors that could cause the Company's actual results and its expectations to differ materially from those described in the Company's forward-looking statements: 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 rates of return; the Company’s ability to reduce or otherwise effectively manage its general and administrative expenses; 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; the Company's ability to continue to qualify as a REIT under the Internal Revenue Code of 1986, as amended; and other factors detailed in the Company's most recent Annual Report on Form 10-K, Quarterly Reports on Form 10- Q and other documents the Company files with the Securities and Exchange Commission from time to time.

Contact Whitestone REIT:Kevin ReedDirector of Investor Relations(713) 435-2219ir@whitestonereit.com