EXHIBIT 99.1

Whitestone REIT Announces First Quarter 2011 Dividend

HOUSTON, Dec. 23, 2010 (GLOBE NEWSWIRE) -- The Board of Trustees of Whitestone REIT (NYSE-Amex:WSR), a real estate investment trust that acquires, owns and operates Community Centered Properties^TM, today authorized its quarterly cash dividend of $0.285 per Class A and Class B common share and Operating Partnership ("OP") unit. The dividend is unchanged from the previous two quarters.

Whitestone REIT ("Whitestone") declares quarterly distributions to holders of its common shares and OP units, which are payable monthly in three installments of $0.095 per Class A common share, Class B common share, and OP unit. The record and payment dates for the first quarter 2011 period are shown in the following table:

"We are pleased to continue our dividend at the same level as the previous two quarters," said Whitestone Chairman and CEO, James C. Mastandrea. "Additionally, we are excited our 'Value-Add'  acquisitions and redevelopment projects that were completed this Fall, as well as our 'Leasing Progress' on new and existing properties following the August completion of our initial public offering. I am confident that we will continue to put the new capital generated by the IPO to work as we continue to expand our portfolio with quality, value-add community centered properties located in our target expansion markets."

About Whitestone REIT

Whitestone REIT is a fully integrated real estate company that owns, operates and re-develops Community Centered Properties^TM, which are visibly located properties in established or developing culturally diverse neighborhoods.  Whitestone focuses on value-creation in its properties, as it markets, leases and manages its properties to match tenants with the shared needs of surrounding neighborhoods.  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 visit www.whitestonereit.com. The Investor Section of the Company's website has links to SEC filings, news releases, financial reports and investor newsletters.

The Whitestone REIT logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7293

Forward-Looking Statements

Statements included herein that state the Company'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. The Company's actual results, performance or achievements could differ materially from those expressed or implied by these statements. Reference is made to the Company's regulatory filings with the Securities and Exchange Commission for information or factors that may impact the Company's performance.

CONTACT:  Whitestone REIT
          Anne Gregory, Vice President Marketing & Investor Relations
          713.827.9595 ext. 2213
          agregory@whitestonereit.com