Real Estate Central

HOUSTON, May 16 /PRNewswire/ — Whitestone REIT, which owns and manages
37 commercial properties in Texas and Arizona, announced today that the
Board of Trustees has approved a dividend of $0.15 per common share for the
second quarter of 2008.

The dividend is payable in three monthly payments of $.05 per share.
Dividend payments will be made on or about the first day of July, August,
and September.

Chairman and Chief Executive Officer James C. Mastandrea expressed
cautious optimism that Whitestone could continue to pay the dividend at its
current quarterly rate of $0.15 per share and said, “We are working
diligently to repair the deferred maintenance at our properties and
prudently to allocate cash for those needed repairs and for tenant
improvement costs for new leases so that we can continue to grow the
occupancy of our portfolio.” He further stated that he expects the legal
expenses relating to the differences between Whitestone’s shareholders and
Mr. Hartman to significantly decrease after the second quarter and for both
parties to go their separate ways. He concluded, “The resolution of the
lawsuits between our shareholders and Mr. Hartman should result in improved
cash flow by year end.”

Whitestone intends to hold its annual meeting of shareholders on July
29th because a verdict from the court concerning the litigation should be
known before that date, and the proxy statement will be mailed to
shareholders on June 29th.

ABOUT WHITESTONE REIT

Whitestone REIT owns and operates retail, office and office warehouse
properties, 33 of which are in the Houston area, two office buildings in
Dallas, a retail plaza in San Antonio and an office complex in a Carefree,
AZ. For more information go to http://www.whitestonereit.com

Forward-Looking Statement:

This report includes “forward-looking statements” within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934. The information in this news release
includes certain forward-looking statements that are based upon assumptions
that in the future may prove not to have been accurate and are subject to
significant risks and uncertainties, including statements as to the future
performance of the company. Although the company believes that the
expectations reflected in its forward-looking statements are reasonable, it
can give no assurance that such expectations or any of its forward-looking
statements will prove to be correct. Factors that could cause results to
differ include, but are not limited to, successful performance of internal
plans, product development acceptance, and the impact of competitive
services and pricing and general economic risks and uncertainties.



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Source: Real Estate Newswire