Business Description

We are a Maryland REIT engaged in owning and operating commercial properties in culturally diverse markets in major metropolitan areas. We have elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”). We are internally managed and, as of December 31, 2025, we wholly-owned a real estate portfolio of 56 properties that meet our Community Centered Property® strategy containing approximat ely 4.9 m illion square feet of gross leasable area (“GLA”), located in Texas and Arizona. Our consolidated property portfolio has a gross book value of approximately $1.4 billion and book equity, including noncontrolling interests, of approximately $464 million as of December 31, 2025. On January 25, 2024, we exercised our notice of redemption for substantially all of our investment in Pillarstone Capital REIT Operating Partnership LP (“Pillarstone” or “Pillarstone OP”). On March 4, 2024, Pillarstone Capital REIT (“Pillarstone REIT”) filed Chapter 11 bankruptcy for itself and Pillarstone OP. We subsequently filed a claim for the value of our redemption claim along with interest and other costs. On December 12, 2025, we received $33.4 million dollars from Pillarstone OP pursuant to a settlement agreement approved by the Bankruptcy court under Bankruptcy Rule 9019. After Pillarstone REIT has paid its portion of funds, the settlement agreement directs Pillarstone OP to distribute to us any remaining funds and any excess amounts in Pillarstone OP’s $2.5 million dollar in reserves for claims, taxes and administrative expenses. We expect to receive approximately $4.0 million in cash and any excess from the $2.5 million in reserves in 2026. In this Annual Report on Form 10-K, unless otherwise indicated, we do not include the group of the real estate properties Whitestone REIT contributed to Pillarstone OP and Pillarstone Capital REIT under a Contribution Agreement (the "Pillarstone Properties", please refer to Note 4 for the full definition.) when we refer to our properties as we no longer hold a majority interest in Pillarstone OP. Our common shares of beneficial interest, par value $0.001 per share, are traded on the New York Stock Exchange (the “NYSE”) under the ticker symbol “WSR.” Our offices are located at 2600 South Gessner Road, Suite 500, Houston, Texas 77063. Our telephone number is (713) 827-9595 and we maintain a website at www.whitestonereit.com. The contents of our website are not incorporated into this filing. Our Strategy In October 2006, we adopted a strategic plan to acquire, redevelop, own and operate Community Centered Properties®. We define Community Centered Properties® as visibly located properties in established or developing culturally diverse neighborhoods in our target markets. We market, lease and manage our centers to match tenants with the shared needs of the surrounding neighborhood. Those needs may include specialty retail, grocery, restaurants, medical, educational, financial services, entertainment and experiences. Our goal is for each property to become a Whitestone-branded retail community that serves a neighboring five-mile radius around our property. We employ and develop a diverse group of associates who understand the needs of our multicultural communities and tenants. Our primary business objective is to increase shareholder value by acquiring, owning and operating Community Centered Properties®. The key elements of our strategy include: • Strategically Acquiring Properties. ◦ Seeking High Growth Markets. We seek to strategically acquire commercial properties in high-growth markets. Our acquisition targets are located in densely populated, culturally diverse neighborhoods, primarily in and around Austin, Dallas, Houston, Phoenix and San Antonio. ◦ Diversifying Geographically. Our current portfolio is concentrated in Houston, Dallas and Phoenix. As of December 31, 2025, we wholly-owned 10 properties in Houston, 11 properties in Dallas, three properties in San Antonio, seven properties in Austin and 25 properties in the Scottsdale and Phoenix, Arizona metropolitan areas. We believe that continued geographic diversification in markets where we have substantial knowledge and experience will help offset the economic risk from a single market concentration. We intend to continue to focus our expansion efforts on the Austin, Dallas, Houston, Phoenix and San Antonio markets.…