WSR

• Ares Management Corporation completed its acquisition of Whitestone REIT for $19.00 per share/unit in an all-cash transaction valued at approximately $1.7 billion.
• The acquisition adds 54 retail properties totaling ~4.8 million square feet across Phoenix, Austin, Dallas-Fort Worth, Houston, and San Antonio.
• Whitestone's board members resigned and the company merged into an Ares subsidiary, with Ares funds as the new owner.
• Whitestone repaid and terminated its credit agreement, Nationwide loan, and notes concurrently with closing.

1.02 Termination of a Material Definitive Agreement · 2.01 Completion of Acquisition or Disposition of Assets · 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing · 3.03 Material Modification to Rights of Security Holders · 5.01 Changes in Control of Registrant · 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements · 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year · 8.01 Other Events · 9.01 Financial Statements and Exhibits

• The non-binding advisory vote on executive compensation in connection with the merger was not approved (14,527,360 for; 22,599,858 against).
• The adjournment proposal was not called because the merger was approved; had it been called, it would have passed (34,993,652 for; 2,140,030 against).
• Ares will acquire all outstanding Whitestone common shares and operating partnership units for $19.00 per share/unit in cash, valuing the transaction at approximately $1.7 billion.
• The company expects the merger to close on or about July 14, 2026, subject to remaining customary closing conditions.

5.07 Submission of Matters to a Vote of Security Holders · 7.01 Regulation FD Disclosure · 9.01 Financial Statements and Exhibits

• Whitestone REIT received twelve demand letters and three shareholder complaints challenging proxy disclosures for its merger with Ares affiliates.
• The company denies the allegations and believes no supplemental disclosure is required, but voluntarily supplements the Definitive Proxy Statement to avoid litigation delay.
• Supplemental disclosures include details on JLL Securities' engagement ($6.25 million fee contingent on merger completion) and BofA Securities' fairness opinion factors.
• The special shareholder meeting to vote on the merger is scheduled for July 9, 2026 at 9:00 a.m. Central Time.
• The company states no executive officers have post-closing employment or equity agreements with Ares as of July 1, 2026.

8.01 Other Events

• Each Whitestone common share will be converted into the right to receive $19.00 in cash, and each OP unit will receive the same amount.
• The merger is subject to shareholder approval, absence of legal restraints, accuracy of representations, and other customary conditions, with a termination date of October 5, 2026.
• The company will pay a $36 million termination fee in certain circumstances, while Parent may owe a $77 million termination fee under other conditions.
• The Board unanimously approved the merger and recommends shareholders vote in favor; the company will defer its 2026 annual meeting pending the special meeting.

1.01 Entry into a Material Definitive Agreement · 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year · 7.01 Regulation FD Disclosure · 8.01 Other Events · 9.01 Financial Statements and Exhibits

• Full-year 2025 net income attributable to common shareholders was $49.9 million, or $0.95 per diluted share, versus $36.9 million, or $0.72 per share in 2024.
• Full-year 2025 Core FFO was $55.4 million, or $1.05 per diluted share, versus $52.5 million, or $1.01 per share in 2024.
• Same-store NOI grew 3.8% in Q4 and 4.0% for the full year; occupancy reached a record 94.6%.
• 2026 guidance: Core FFO per diluted share of $1.10-$1.14; net income per share of $0.38-$0.43.
• Board approved a quarterly dividend of $0.1425 per share, a 5.6% increase, payable March 30, 2026.

2.02 Results of Operations and Financial Condition · 9.01 Financial Statements and Exhibits

• The Board declared a quarterly cash dividend of $0.1425 per share and per operating partnership unit for Q1 2026, a 5.6% increase over the prior quarterly amount.
• The dividend is payable on March 30, 2026, to shareholders and unitholders of record as of March 16, 2026.
• The Company is transitioning its dividend payment schedule from monthly to quarterly.
• A press release dated December 19, 2025, was furnished as Exhibit 99.1 under Item 7.01.

7.01 Regulation FD Disclosure · 8.01 Other Events · 9.01 Financial Statements and Exhibits

• The settlement directs the Partnership to distribute all remaining funds after paying $4.05 million to Pillarstone Capital REIT and reserving $2.5 million for claims, taxes, and administrative expenses.
• Approximately $4.0 million in cash and any excess from the $2.5 million reserve remain in the Pillarstone estate, expected to be received by Whitestone in 2026.
• This payment is in addition to a $13.6 million payment received in November related to Whitestone's secured claim for the Uptown Tower guaranty payment.
• On December 12, Whitestone used the $33.4 million to pay down its revolver balance; since Q3, it acquired two properties (World Cup Plaza and Ashford Village) and disposed of one (Kempwood Plaza).

7.01 Regulation FD Disclosure · 9.01 Financial Statements and Exhibits

• Net income attributable to common shareholders was $18.3 million ($0.35 per diluted share) versus $7.6 million ($0.15) in Q3 2024.
• Core FFO was $13.7 million ($0.26 per diluted share) versus $13.0 million ($0.25) in Q3 2024.
• Same-store NOI grew 4.8% to $25.6 million in Q3 2025.
• 2025 full-year guidance for net income was raised to $30.9M-$33.0M, with Core FFO guidance unchanged at $54.2M-$56.3M.

2.02 Results of Operations and Financial Condition · 9.01 Financial Statements and Exhibits