Whitestone REIT

Whitestone REIT is a Maryland REIT that owns and operates commercial properties in culturally diverse markets within major metropolitan areas. As of December 31, 2025, the company wholly-owned a real estate portfolio of 56 properties, totaling approximately 4.9 million square feet of gross leasable area ("GLA"). These properties are located in Texas and Arizona and align with Whitestone REIT's Community Centered Property® strategy. The consolidated property portfolio had a gross book value of approximately $1.4 billion and book equity, including noncontrolling interests, of approximately $464 million as of December 31, 2025. On January 25, 2024, Whitestone REIT exercised its notice of redemption for substantially all of its investment in Pillarstone Capital REIT Operating Partnership LP ("Pillarstone OP"). Pillarstone Capital REIT ("Pillarstone REIT") and Pillarstone OP filed Chapter 11 bankruptcy on March 4, 2024. Whitestone REIT filed a claim for its redemption claim, interest, and other costs. On December 12, 2025, Whitestone REIT received $33.4 million from Pillarstone OP as per a settlement agreement approved by the Bankruptcy court under Bankruptcy Rule 9019. The settlement agreement also directs Pillarstone OP to distribute any remaining funds and any excess from its $2.5 million in reserves for claims, taxes, and administrative expenses to Whitestone REIT after Pillarstone REIT pays its portion. The company expects to receive approximately $4.0 million in cash and any excess from the $2.5 million in reserves in 2026. The real estate properties Whitestone REIT contributed to Pillarstone OP and Pillarstone Capital REIT under a Contribution Agreement (the "Pillarstone Properties") are not included when referring to Whitestone REIT's properties, as the company no longer holds a majority interest in Pillarstone OP.