Whitestone REIT rejects MCB Real Estate's $15/share acquisition indication

Whitestone REIT

Board unanimously rejected MCB's $15/share all-cash indication of interest as undervaluing the company.
Board's NAV and DCF analyses show higher intrinsic value than the $15/share offer.
Reiterated 2024 Core FFO per share estimate of $0.98-$1.04; raised Same Store NOI growth target to 3.75%-4.75%.
Q3 2024 Debt/EBITDAre at 7.2x, a 0.6x improvement YoY; total shareholder returns over 60% since Jan 2022.
Described MCB's offer as opportunistically timed; board committed to maximizing value for all shareholders.

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