Whitestone Appoints Paul T. Lambert to Board of Trustees and Corrects Dividend Record Date

  Whitestone Appoints Paul T. Lambert to Board of Trustees and Corrects
  Dividend Record Date

Business Wire

HOUSTON -- March 18, 2013

Whitestone REIT (NYSE: WSR) (“Whitestone” or the “Company”), a real estate
investment trust that acquires, owns and operates Community Centered
Properties^TM, announced today that Paul T. Lambert was appointed to its Board
of Trustees on March 15, effective immediately.

An entrepreneur with over three decades of real estate investment experience,
Mr. Lambert has significant experience in commercial real estate and financing
of development projects. He currently serves as President of Lambert Capital
Corporation, a private firm established in 2005. He recently completed the
highly successful $275 million Wailea Beach Villas condominium project on
Maui.

“I am pleased that Paul is joining Whitestone’s Board as an independent
trustee, and am confident that he will bring an added level of experience and
insight to Whitestone,” said James C. Mastandrea, Chairman and Chief Executive
Officer of Whitestone REIT.

“I am excited about the Company’s unique business model and differentiating
strategy of Creating Communities in their Properties, which hinges on
unanchored, smaller retail properties with entrepreneurial, service-oriented
small space tenants,” said Mr. Lambert. “I’m looking forward to joining the
Company at an opportune time as Whitestone’s board and management team widens
its focus to seek added value by developing land it already owns to expand
capacity and add new tenants, rebrand and reposition legacy properties, and
introduce new operating technology and enhanced services that strengthen
tenant relationships, rental rates and revenues.”

Mr. Lambert began his real estate and investing experience in 1980 as a
developer with Dillingham Land in Hawaii, where he developed a range of
successful commercial projects. For 12 years after Dillingham, he was a
Principal and Managing Partner of The Shidler Group, a nationally focused
private real estate investment firm, where he owned and managed a 3 million
square foot diverse portfolio of commercial properties in six states.
Additionally, he was a Founder, Director and Manager of First Industrial
Realty Trust, a publicly traded REIT (NYSE:FR) and one of the largest owners
of diversified industrial real estate in the nation. Mr. Lambert also served
as the Chief Operating Officer of First Industrial from its initial public
offering in 1994 to the end of 1995. He has been a Trustee since 1998 of
Paragon Real Estate Equity and Investment Trust, traded on the former American
Stock Exchange until 2006. Mr. Lambert holds a BA from Occidental College and
an MBA from the Stanford Graduate School of Business.

Mastandrea concluded by saying, “Paul’s considerable experience in both real
estate and finance will be a valuable asset to Whitestone as we continue to
grow and begin the transformation of some of our legacy properties, recycle
capital through dispositions, and continue to lease up our current portfolio
of 51 properties. Whitestone continues to profitably grow in the most dynamic
geographic areas of the United States through the acquisition of off-market
quality properties related to its core business strategy, and is beginning to
extract the intrinsic value with a number of its well located legacy Community
Centers, as well as in the newly acquired centers.”

Second Quarter 2013 Dividend – Correction to Record Date for April Dividend

As previously announced, Whitestone declares quarterly distributions to
holders of its common shares and Operating Partnership units, which are
payable monthly in three installments of $0.095 per common share and operating
partnership unit. The following corrected schedule reflects a change in the
Record Date for the month of April, previously listed as 3/31/13 – and
corrected to 4/1/13.

     Month    Record Date    Payment Date
          April       4/1/13            4/9/13
          May         4/30/13           5/9/13
          June        5/31/13           6/10/13

About Whitestone REIT

Whitestone REIT (NYSE: WSR) is a fully integrated real estate company that
owns, operates and redevelops Community Centered Properties^TM, which are
visibly located properties in established or developing culturally diverse
neighborhoods. Whitestone focuses on value-creation in its Centers, as it
markets, leases and manages its Centers to match tenants with the shared needs
of surrounding neighborhoods. Operations are structured for providing
cost-effective service to local, service-oriented smaller space tenants (less
than 3,000 square feet). Whitestone has a diversified tenant base concentrated
on service offerings including medical, education, and casual dining. As of
December 31, 2012, the largest of its approximately 1,100 tenants comprises
less than 1.2% of its rental revenues. Headquartered in Houston, Texas and
founded in 1998, the Company is internally managed with a portfolio of
commercial properties in Texas, Arizona and Illinois. For additional
information about the Company, please visitwww.whitestonereit.com.

Forward-Looking Statements

Statements included herein that state Whitestone’s or management's intentions,
hopes, beliefs, expectations or predictions of the future are
"forward-looking" statements within the meaning of the Private Securities
Litigation Reform Act of 1995, which by their nature, involve known and
unknown risks and uncertainties. You should not rely on our forward-looking
statements because the matters they describe are subject to known and unknown
risks and uncertainties, and the Company's actual results, performance or
achievements could differ materially from those expressed or implied by these
statements. Such risks are set forth under the captions "Item 1A. Risk
Factors" and "Forward-Looking Statements" in our annual report on Form 10-K
and under the caption "Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations" (or similar captions) in our
quarterly reports on Form 10-Q, and as described in our other filings with the
Securities and Exchange Commission. Forward-looking statements speak only as
of the dates on which they are made, and the Company undertakes no obligation
to update publicly or revise any guidance or other forward-looking statement,
whether as a result of new information, future developments, or otherwise.

Contact:

Whitestone REIT
David K. Holeman, 713-435-2227
Chief Financial Officer
ir@whitestonereit.com
 
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