Whitestone REIT receives $33.4 million from Pillarstone settlement

Whitestone REIT (NYSE: WSR) received $33.4 million on December 12 from Pillarstone Capital REIT Operating Partnership following a bankruptcy court's approval of a settlement agreement under Bankruptcy Rule 9019.

The settlement directs the Partnership to distribute remaining funds to Whitestone 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 $2.5 million in reserves remain in the Pillarstone estate after the distributions. Whitestone expects to receive the $4.0 million and any excess from reserves in 2026. These amounts are in addition to a $13.6 million payment made to Whitestone in November related to the company's secured claim for the Uptown Tower guaranty payment.

"Our focus has been and will continue to be on leveraging our differentiators to deliver consistent long-term 5 – 7% annual Core FFO per share growth for shareholders. The settlement and subsequent payments strengthen Whitestone's balance sheet as we head into 2026," said CEO Dave Holeman.

Whitestone used the $33.4 million payment to pay down its revolver balance on December 12.

Since the end of the third quarter, the Houston-based real estate investment trust has acquired two properties, World Cup Plaza and Ashford Village, and disposed of one property, Kempwood Plaza. Whitestone owns and operates open-air shopping centers in Texas and Arizona.

You May Also Be Interested In

• Trump: Walmart will be lowering prices
• CervoMed (CRVO) for 10.08M share offering by selling stockholders
• Canadian Solar names Dylan Marx to lead Recurrent Energy subsidiary