Whitestone REIT Reaches 99% Occupancy at The Promenade at Fulton Ranch in Chandler, Arizona

Achievement a direct result of Company’s strategic plan to remerchandise the asset to better serve the community’s interests 

Salon Suites, Milkshake Factory and Spooner Physical Therapy among the 9 retailers who have opened over the past 36 months

HOUSTON, Nov. 20, 2025 (GLOBE NEWSWIRE) -- Whitestone REIT (NYSE: WSR), a neighborhood-focused owner and operator of open-air shopping centers in Texas and Arizona, today announced it has reached 99 percent occupancy at The Promenade at Fulton Ranch in Chandler, Arizona, with the recent opening of Salon Suites. The strong occupancy number was achieved as a result of Whitestone’s strategic repositioning of the asset, which began in early 2023 and focuses on curating a merchandising mix that better aligns with the needs of the upscale Fulton Ranch neighborhood that it serves.

Whitestone’s remerchandising plan at Promenade at Fulton Ranch centered on leveraging its strong leasing relationships to bring in retailers that cater to the community’s emphasis on health and wellness. Salon Suites was one of 9 retailers who have opened at property over the past 36 months, joining Oxygen Yoga & Fitness, Gordos Tacos, The Tox, Milkshake Factory, Canine Creek, Acai Republic, Nozomi Sushi House and Spooner Physical Therapy. The reinvigorated tenant mix has been well-received amongst the Fulton Ranch neighborhood, generating a significant uptick in sales and repeat traffic.

“It’s been really rewarding to see the renewed excitement surrounding Promenade at Fulton Ranch as a result of our leasing wins,” stated Matt Okmin, Senior Vice President - Arizona Region. “This asset has always had tremendous embedded growth potential due to its location within the prestigious Fulton Ranch neighborhood, which we have now unlocked through our strategic remerchandising repositioning. Our success at this property is a great case study on how we drive value for our shareholders and communities through our leasing platform and the connections we have across the retail landscape.”

Situated on the high-traffic northeast corner of South Alma Road and West Chandler Heights Road, Promenade at Fulton Ranch offers a value proposition unlike any other in the immediate area. Anchored by high-end retailers (Hornacek's House of Golf, Spice Up Your Home and First Watch) and service providers (Massage Envy and Spooner Physical Therapy), the property is just minutes from Chandler’s booming tech corridor, home to Intel, PayPal, Broadcom and several other prominent employers, and Snedigar Recreation Center and Sportsplex, a 90-acre Recreation Center and sports facility.

Promenade at Fulton Ranch is one of three neighborhood shopping centers Whitestone owns in Chandler, part of the “Silicon Desert” in one of the fastest-growing large cities in the United States. The company also operates Fulton Ranch Towne Center and The Shops at Pecos Ranch.

Whitestone President and COO, Christine Mastandrea commented, “We are embedded in the communities we serve, and and we make it our mission to listen to our tenants and their customers and incorporate that feedback into our long-term asset plans. Promenade at Fulton Ranch is just one of several properties throughout our portfolio where we have executed similar strategies with similar great results. Whitestone prioritizes the consumer experience at our centers and through those efforts adding value at the corporate level to all of our stakeholders.”

About Whitestone REIT
Whitestone REIT (NYSE: WSR) is a community-centered real estate investment trust (REIT) that acquires, owns, operates, and develops open-air, retail centers located in some of the fastest growing markets in the country: Phoenix, Austin, Dallas-Fort Worth, Houston and San Antonio. Our centers are convenience focused: merchandised with a mix of service-oriented tenants providing food (restaurants and grocers), self-care (health and fitness), services (financial and logistics), education and entertainment to the surrounding communities. The Company believes its strong community connections and deep tenant relationships are key to the success of its current centers and its acquisition strategy. For additional information, please visit the Company's investor relations website.

About Promenade at Fulton Ranch
The Promenade at Fulton Ranch is an upscale retail destination located in the prestigious Fulton Ranch community. With its prime location on the northeast corner of South Alma Road and West Chandler Heights Road, the 99,122-square-foot center offers a unique and sophisticated atmosphere for businesses to thrive. Anchored by high-end retailers and service providers, The Promenade at Fulton Ranch provides a diverse mix of amenities to cater to the needs of residents and visitors alike. Benefitting from close proximity to key landmarks such as the Price Road Corridor, the Intel Campus, and the expansive Snedigar Recreation Center and Sportsplex, the plaza enjoys a steady flow of foot traffic and visibility.

Forward-Looking Statements

This Report contains forward-looking statements within the meaning of the federal securities laws, including discussion and analysis of our financial condition and results of operations, statements related to our expectations regarding the performance of our business, and other matters. These forward-looking statements are not historical facts but are the intent, belief or current expectations of our management based on its knowledge and understanding of our business and industry. Forward-looking statements are typically identified by the use of terms such as “may,” “will,” “should,” “potential,” “predicts,” “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates” or the negative of such terms and variations of these words and similar expressions, although not all forward-looking statements include these words. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control, are difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements.

Factors that could cause actual results to differ materially from any forward-looking statements made in this Report include: the imposition of federal income taxes if we fail to qualify as a real estate investment trust (“REIT”) in any taxable year or forego an opportunity to ensure REIT status; uncertainties related to the national economy, the real estate industry in general and in our specific markets; legislative or regulatory changes, including changes to laws governing REITs; adverse economic or real estate developments or conditions in Texas or Arizona, Houston and Phoenix in particular, including the potential impact of public health emergencies, such as COVID-19, on our tenants’ ability to pay their rent, which could result in bad debt allowances or straight-line rent reserve adjustments; increases in interest rates, including as a result of inflation operating costs or general and administrative expenses; our current geographic concentration in the Houston and Phoenix metropolitan area makes us susceptible to local economic downturns and natural disasters, such as floods and hurricanes, which may increase as a result of climate change, increasing focus by stakeholders on environmental, social, and governance matters, financial institution disruption; availability and terms of capital and financing, both to fund our operations and to refinance our indebtedness as it matures; decreases in rental rates or increases in vacancy rates; harm to our reputation, ability to do business and results of operations as a result of improper conduct by our employees, agents or business partners; litigation risks; lease-up risks, including leasing risks arising from exclusivity and consent provisions in leases with significant tenants; our inability to renew tenant leases or obtain new tenant leases upon the expiration of existing leases; risks related to generative artificial intelligence tools and language models, along with the potential interpretations and conclusions they might make regarding our business and prospects, particularly concerning the spread of misinformation; our inability to generate sufficient cash flows due to market conditions, competition, uninsured losses, changes in tax or other applicable laws; geopolitical conflicts, such as the ongoing conflict between Russia and Ukraine, the conflict in the Gaza Strip and unrest in the Middle East; the need to fund tenant improvements or other capital expenditures out of operating cash flow; the extent to which our estimates regarding Pillarstone REIT Operating Partnership LP's financial condition and results of operations differ from actual results; and the risk that we are unable to raise capital for working capital, acquisitions or other uses on attractive terms or at all 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.

Contacts:

For Whitestone REIT – Investors
David Mordy
(713) 435-2219
ir@whitestonereit.com

For Whitestone REIT – Media:
Matthew Chudoba
WhitestonePR@icrinc.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/53bae919-5b88-4c84-ae3f-b7a75ca7d1a9

The Promenade at Fulton Ranch Visits

Foot Traffic at The Promenade at Fulton Ranch

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