Whitestone (WSR) Company Report

Whitestone REIT (NYSE: WSR) has received an unsolicited, non-binding proposal from MCB Real Estate to acquire all outstanding shares for cash consideration of $15.20 per share.
MCB Real Estate, the entity making the proposal, currently owns 9.2% of Whitestone REIT’s common stock.
The Company's Board of Trustees will evaluate the proposal, and shareholders are not required to take any action at this time.

Nov 4, 2025, 9:15 PM

Press Release

Whitestone REIT receives $15.20 per share takeover bid from MCB Real Estate

WSR

Takeover Bid

M&A

Proxy Vote Outcomes

MCB Real Estate has proposed to acquire all outstanding shares of Whitestone REIT for $15.20 per share in cash.
This offer represents a 21.0% premium to Whitestone's share price and a 25.0% premium to its 30-day VWAP as of November 3, 2025.
MCB, which owns 9.2% of Whitestone's common shares, intends to vote against the entire Whitestone Board at the next Annual Meeting if the Board does not engage with the offer or initiate a public strategic alternatives process.
MCB highlights Whitestone's underperformance, noting a 5.5% FFO per share CAGR since 2021 compared to a peer average of 6.3%, and negative total shareholder returns of approximately 6.6% since MCB's prior offer in October 2024.

Nov 4, 2025, 1:00 PM

Press Release

Whitestone REIT Reports Strong Q3 2025 Results and Updates Guidance

WSR

Earnings

Guidance Update

Debt Issuance

Whitestone REIT achieved 94.2% occupancy in Q3 2025, an increase of 30 basis points from Q2, and delivered 4.8% same store net operating income (NOI) growth for the quarter.
The company reported $0.26 in core FFO per share for Q3 2025 and maintained its 2025 core FFO per share guidance of $1.03 to $1.07. It also improved its same store NOI growth range to 3.5% to 4.5%.
Straight-line leasing spreads were 19.3% for the quarter, marking the 14th consecutive quarter above 17%.
Whitestone extended and improved its credit facility, expecting its fourth-quarter annualized debt to EBITDA RE ratio to be in the mid to high sixes. The weighted average term on all debt is now 4.3 years, with a weighted average rate on fixed debt of 4.8%.
The company received $13.6 million from the Pillarstone joint venture in Q3 2025 and anticipates an additional $40 million distribution in mid-December, pending court approval of a settlement agreement.

Oct 30, 2025, 12:30 PM

Transcript

Whitestone REIT Reports Q3 2025 Results, Updates Guidance, and Announces Board Changes

WSR

Earnings

Guidance Update

Board Change

Whitestone REIT reported Q3 2025 Revenue of $41.0 million and Core FFO per Share of $0.26. Occupancy for Q3 2025 stood at 94.2%, with Same Store NOI Growth at 4.8% and Straight Line Leasing Spreads at 19.3%.
The company continues its strategic focus on high-value "Shop Spaces" in business-friendly Sun Belt markets, with 100% of its portfolio growth within low-regulation states like Texas and Arizona. Whitestone disposed of SugarPark Plaza in Houston during Q3 2025 with an Exit Cap Rate of 6.3%, contributing to approximately $147 million in dispositions since Q4 2022 aimed at strengthening the portfolio.
Whitestone REIT amended and extended its $750 million credit facility in September 2025, comprising a $375 million revolver expiring in September 2029 and a $375 million term loan due in 2031, with 90% fixed-rate debt and a weighted average interest rate of 4.9%.
The company reiterated its initial full-year 2025 guidance for Core FFO per diluted share and OP Unit in the range of $1.03 to $1.07.

Oct 30, 2025, 12:30 PM

Presentation

Whitestone REIT Announces Q3 and Year-to-Date 2025 Results and Updates Full-Year Guidance

WSR

Earnings

Guidance Update

Dividends

Whitestone REIT reported Q3 2025 revenues of $41.0 million and Net Income attributable to common shareholders of $0.35 per diluted share, with Core FFO per diluted share at $0.26.
For the nine months ended September 30, 2025, revenues reached $116.9 million, Net Income attributable to common shareholders was $0.52 per diluted share, and Core FFO per diluted share was $0.77.
The company updated its 2025 full-year guidance for Net Income attributable to Whitestone REIT per share to $0.59 - $0.63 and for Same Store Net Operating Income growth to 3.5% - 4.5%.
A quarterly cash distribution of $0.135 per common share and OP unit was declared for the fourth quarter of 2025, payable in three equal installments.

Oct 29, 2025, 9:39 PM

Press Release

Whitestone REIT Announces Q3 2025 Results and Updates Full-Year Guidance

WSR

Earnings

Guidance Update

Dividends

Whitestone REIT (WSR) reported Q3 2025 revenues of $41.0 million, an increase from $38.6 million in Q3 2024, with net income attributable to common shareholders per diluted share at $0.35, up from $0.15 in the prior year quarter.
Core Funds from Operations (Core FFO) per diluted share for Q3 2025 was $0.26, compared to $0.25 in Q3 2024, and Same-Store Net Operating Income (NOI) grew by 4.8%.
The company updated its full-year 2025 guidance for net income attributable to Whitestone REIT per share to $0.59 - $0.63 and reiterated Core FFO per diluted share guidance of $1.03 - $1.07. The guidance for Same Store NOI growth was also revised to 3.5% - 4.5%.
As of September 30, 2025, occupancy for wholly owned properties was 94.2%, and Net Effective Annual Base Rental Revenue per leased square foot increased 8.2% compared to the prior year quarter.
A quarterly cash distribution of $0.135 per common share for the fourth quarter of 2025 was declared on August 28, 2025.

Oct 29, 2025, 9:15 PM

8-K

Whitestone REIT Expands and Extends Credit Facility

WSR

Debt Issuance

New Projects/Investments

Whitestone REIT (WSR) has amended, expanded, and extended its $750 million credit facility, which includes a $375 million revolver and a $375 million term loan.
The revolver is scheduled to mature in September 2029 (with two six-month extension options), and the term loan is scheduled to mature in January 2031.
The new facility represents a $215 million increase in size and features lower interest rates. The term loan's interest rates have been fixed between 3.36% and 3.42% plus 1.35% until maturity through interest rate swaps.
This renewal extends Whitestone's weighted average maturity date to 2030 and is expected to strengthen its ability to achieve its 5-7% Core FFO per share growth target for 2026, 2027, and 2028.

Sep 23, 2025, 8:06 PM

8-K

Whitestone REIT establishes $100 million at-the-market offering program

WSR

On September 16, 2025, Whitestone REIT entered into equity distribution agreements to establish an "at the market" (ATM) offering program.
The program allows for the offer and sale of up to an aggregate of $100,000,000 of the Company’s common shares of beneficial interest.
Sales of shares under the program will be made through various placement agents, who will receive compensation of up to 2.0% of the gross sales price.
The shares will be issued pursuant to the Company’s shelf registration statement on Form S-3.
Whitestone REIT has operated as a Real Estate Investment Trust (REIT) for its taxable years ended December 31, 2021 through December 31, 2024, and expects to continue to qualify for its taxable year ending December 31, 2025 and thereafter.