Highest-materiality recent filing
Ares completes $1.7B all-cash acquisition of Whitestone REIT at $19.00/share
Ares Management (NYSE: ARES) acquired Whitestone REIT for $19.00 per share/unit in an all-cash transaction valued at ~$1.7B.
Whitestone REIT shareholders approve $1.7B all-cash acquisition by Ares at $19.00/share
Shareholders approved the merger with Ares; 37,039,161 votes for, 116,016 against.
Received twelve demand letters and three complaints challenging proxy statement disclosures for the Ares merger.
Whitestone REIT to be acquired by Ares affiliates for $19.00 per share in cash
All-cash deal: each common share cancelled for $19.00; OP units also get $19.00 per unit.
Q4 2025 revenue $43.9M (+7.6% YoY); Net income $22.8M ($0.43 EPS incl. $0.30 gain).
Board authorized $50M share repurchase program through May 20, 2028; open market or private purchases.
Whitestone REIT receives $33.4M from Pillarstone settlement; pays down revolver
Received $33.4M from Pillarstone Capital REIT settlement after bankruptcy court approval.
Whitestone REIT Q3 net income $0.35/sh (up 133% YoY); FY net income guidance raised sharply
Q3 revenue $41.0M (+6.2% YoY); net income $18.3M ($0.35/sh) vs $7.6M ($0.15/sh) in Q3 2024.
Whitestone REIT closes $750M unsecured credit facility with extended maturities, lower rates
$375M revolver matures Sep 2029 (extendable to Sep 2030); $375M term loan matures Jan 2031.
Whitestone REIT Q2 Core FFO rises 5.4% to $0.26; occupancy improves to 93.9%
Q2 revenue $37.9M (+1% YoY); net income $5.1M ($0.10/share) vs $2.6M ($0.05) in Q2 2024.
Whitestone REIT Q1 GAAP EPS drops to $0.07 from $0.18; Core FFO up to $0.25
Revenue $38.0M (+2.2% YoY); net income $3.7M vs $9.3M in Q1 2024.
Whitestone REIT Q4 Core FFO $0.28/share (+17% YoY); issues 2025 guidance $1.03-$1.07
Q4 revenue $40.8M, net income $0.33 diluted (incl $0.23 gain on sale); Core FFO $0.28/share vs $0.24.
Whitestone REIT appoints two new independent trustees; two existing trustees step down
Appointed Kristian M. Gathright and Donald A. Miller to Board of Trustees, effective November 4, 2024.
Whitestone REIT Q3 2024: Core FFO $0.25 vs $0.23, Same-Store NOI +4.6%, guidance raised
Net income attributable to common shareholders $7.6M ($0.15/diluted share) vs $2.5M ($0.05) prior year.
Whitestone REIT rejects MCB Real Estate's $15/share acquisition indication
Board unanimously rejected MCB's $15/share all-cash indication of interest as undervaluing the company.
Whitestone REIT Q2 Core FFO $0.24 vs $0.21; same-store NOI +6.6%; guidance raised
Revenue $37.6M (+3% YoY); Core FFO per share $0.24 vs $0.21; same-store NOI grew 6.6% to $24.1M.
Whitestone REIT rejects acquisition offer from MCB Real Estate
Board unanimously declined MCB's unsolicited offer, citing inadequate valuation.
Whitestone Q1 net income $9.3M; reaffirms Core FFO guidance; dividend up 3.13%
Revenue $37.2M (+3.6% YoY); net income $9.3M ($0.18/sh) vs $3.8M ($0.08/sh) in Q1 2023.
Whitestone REIT Q4 Core FFO $0.24, occupancy record 94.2%, 2024 guidance $0.98-$1.04, dividend up 3%
Q4 2023 revenue $37.5M (+7.5% YoY); Core FFO $0.24; occupancy record 94.2%.
Whitestone REIT Board unanimously rejects activist proposal for immediate sale or liquidation
Erez Asset Management proposed immediate sale or liquidation of Whitestone; Board unanimously rejected.
Whitestone REIT Q3 FFO $0.23, rev $37.1M, same-store NOI up 4.9%
Revenue $37.1M (+4.9% YoY); net income $2.5M ($0.05 diluted EPS) vs $3.9M ($0.08) prior year.
Whitestone Q2 net income up to $0.22/sh; FFO guidance cut on litigation costs
Revenue $36.5M (+4.2% YoY); net income $11.3M ($0.22/sh) vs $4.3M ($0.09/sh) Q2 2022.
Whitestone REIT Q1 FFO falls to $0.24 from $0.30; reaffirms 2023 guidance
Revenue of $35.9M vs $34.1M in Q1 2022; net income of $3.8M ($0.08/diluted) down from $7.1M.
Whitestone REIT posts record occupancy 93.7%, Q4 FFO $0.23 vs $0.21; FY23 FFO guided $0.95-0.99
Q4 revenue $34.9M (+4.8% YoY); net income $19.9M ($0.40 diluted) vs $2.6M ($0.05).
Whitestone REIT Q3 2022: FFO $0.24/sh, occupancy all-time high 92.5%, raises FFO guidance
Revenue $35.4M (+9% YoY); net income $3.9M ($0.08/sh); FFO $0.24/sh; EBITDAre $19.4M.
Whitestone REIT establishes $100M ATM equity distribution program with 11 agents
Whitestone REIT enters into equity distribution agreements with 11 placement agents for up to $100 million in common shares.
Whitestone REIT Q2 2022: record occupancy 91.5%, Same-store NOI up 8%, FFO per share $0.25
Revenue $35.0M (+14.4% YoY); Net income $4.3M ($0.09 diluted) vs $5.1M ($0.12) in Q2 2021.
Whitestone REIT Q1 2022: Revenue $34.1M, FFO $0.30/sh, Same-Store NOI +12.9%
Revenue $34.1M vs $29.0M YoY; net income $7.1M ($0.14 diluted) vs $1.4M ($0.03).
Whitestone REIT board member Mastandrea resigns over policy disagreements
James Mastandrea resigned from the Board effective April 18, 2022; he was terminated as CEO with cause on Jan 18, 2022.
Bylaws amended to allow shareholders to propose binding bylaw amendments at annual/special meetings, subject to ratification at 2022 annual meeting.
Whitestone REIT Q4 2021 same-store NOI up 12.8%; guides 2022 FFO $0.98-$1.02
Q4 revenue $33.3M (+11.7% YoY); same-store NOI +12.8% to $21.6M.
Whitestone REIT terminates CEO James Mastandrea for cause, appoints Dave Holeman as CEO
Board terminated James Mastandrea as CEO and removed as Chairman for cause following internal investigation for conduct violations.
Whitestone REIT Q3 2021 net income $0.06/sh, FFO Core $0.25/sh, same-store NOI +7%
Net income attributable to common shareholders $2.9M ($0.06 diluted) vs $0.9M ($0.02) YoY.
Whitestone REIT Q2 FFO Core $0.26, revenue +11% YoY, same-store NOI up 8.4%
Net revenues $30.6M vs $27.6M in Q2 2020 (+11%); net income $0.12 diluted EPS vs $0.01.
Pursuant to the terms of the Merger Agreement, as of the Company Merger Effective Time, Amy S. Feng, Julia B. Buthman, Kristian M. Gathright, David K. Holeman, Jeffrey A. Jones, and Donald A. Miller ceased serving as members of the Company’s board of trustees and each committee thereof.
Pursuant to the terms of the Merger Agreement, as of the Company Merger Effective Time, Amy S. Feng, Julia B. Buthman, Kristian M. Gathright, David K. Holeman, Jeffrey A. Jones, and Donald A. Miller ceased serving as members of the Company’s board of trustees and each committee thereof.
Pursuant to the terms of the Merger Agreement, as of the Company Merger Effective Time, Amy S. Feng, Julia B. Buthman, Kristian M. Gathright, David K. Holeman, Jeffrey A. Jones, and Donald A. Miller ceased serving as members of the Company’s board of trustees and each committee thereof.
Pursuant to the terms of the Merger Agreement, as of the Company Merger Effective Time, Amy S. Feng, Julia B. Buthman, Kristian M. Gathright, David K. Holeman, Jeffrey A. Jones, and Donald A. Miller ceased serving as members of the Company’s board of trustees and each committee thereof.
Pursuant to the terms of the Merger Agreement, as of the Company Merger Effective Time, Amy S. Feng, Julia B. Buthman, Kristian M. Gathright, David K. Holeman, Jeffrey A. Jones, and Donald A. Miller ceased serving as members of the Company’s board of trustees and each committee thereof.
Pursuant to the terms of the Merger Agreement, as of the Company Merger Effective Time, Amy S. Feng, Julia B. Buthman, Kristian M. Gathright, David K. Holeman, Jeffrey A. Jones, and Donald A. Miller ceased serving as members of the Company’s board of trustees and each committee thereof.
Nandita V. Berry and David F. Taylor will step down from the Board effective immediately.
announced the appointments of Kristian (“Krissy”) M. Gathright and Donald (“Don”) A. Miller, CFA, to the Board of Trustees, effective immediately.
announced the appointments of Kristian (“Krissy”) M. Gathright and Donald (“Don”) A. Miller, CFA, to the Board of Trustees, effective immediately.
Nandita V. Berry and David F. Taylor will step down from the Board effective immediately.
On July 27, 2022, the Board of Trustees of Whitestone REIT (the “Company”) voted to increase its size from five to six trustees and appointed Amy Shih-Hua Feng, to its Board and to its Audit Committee, effective July 27, 2022, and determined Ms. Feng qualifies as an “independent director” for purposes of the New York Stock Exchange listing standards.
On April 18, 2022, Whitestone REIT (the “Company”) received by email a resignation letter (the “Resignation Letter”) from James Mastandrea, a member of the Company’s Board of Trustees (“the Board”), pursuant to which Mr. Mastandrea resigned as a member of the Board, effective immediately.
Max materiality 1.00 · Median 0.70 · Most common event earnings