Whitestone REIT

whitestonereit.com

No Longer Reporting

The company has not filed an annual or quarterly report since its Q1 FY2026 10-Q, filed May 6, 2026. Its latest SEC filing is a 15-12G from Jul 24, 2026.

The sections below describe the company as of the FY2025 annual report.

What Did They Do?

Owns and operates neighborhood retail centers with space for retailers and service businesses serving nearby communities.

How Did They Make Money?

Tenants pay base rent under leases, generally through minimum monthly payments, and reimburse taxes, insurance and maintenance costs; lease termination fees also generate income when a lease ends.

FY2025 revenue

Who Were Their Customers?

Whitestone directly manages leasing at its centers; tenants include small businesses and larger retailers and service providers such as grocers, restaurants, medical and education businesses.

Did Revenues Turn Into Profits?

Yes. It kept 31 cents of every revenue dollar as net income in FY2025 and turned 31 cents into free cash flow.

Net income, FY2025

31% of revenue

▲ +35% vs FY2024 ($36.9M, 24%)

Free cash flow, FY2025

31% of revenue

▼ −13% vs FY2024 ($58M, 38%)

How Were They Changing?

Since the FY2025 annual report

Latest quarter: Q1 FY2026, the three months to Mar 31, 2026

Revenue: ▲ +9%; vs $38M in Q1 FY2025
Net income: ▲ +12%; vs $3.7M in Q1 FY2025

Jul 14, 2026 Ares completed its acquisition of Whitestone Shareholders are entitled to $19.00 per share; payment follows state confirmation of the merger's effectiveness.
Apr 9, 2026 Whitestone agreed to be acquired by Ares Ares agreed to acquire Whitestone for $19.00 per share or unit in an all-cash deal valued at approximately $1.7 billion.

Grew. Revenue grew 28% in 4 years, from $125.4M in FY2021 to $160.9M in FY2025, about 6% a year.

Pillarstone investment The older report described a majority interest in Pillarstone properties through an equity-method investment; the latest says Whitestone no longer holds a majority interest and received a settlement on its redemption claim.

Geographic focus The older report included Illinois and Chicago in its portfolio and target markets; the latest describes a Texas-and-Arizona portfolio and focuses on markets in those states.

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