Ares Management to Take Whitestone REIT Private in $1.7 Billion Cash Deal

Whitestone REIT (WSR) will be acquired by funds managed by Ares Management Corp. (ARES) in a transaction valued at roughly $1.7 billion. Upon completion of the all-cash deal, Whitestone will transition to a private entity and its shares will be delisted from the New York Stock Exchange. The acquisition underscores institutional appetite for strategic retail real estate. Whitestone's current portfolio consists of 56 retail properties totaling approximately 4.9 million square feet. These assets are concentrated in high-growth markets, specifically Phoenix and several key Texas hubs including Austin, Dallas-Fort Worth, Houston, and San Antonio. Under the terms of the definitive merger agreement, Ares will acquire all outstanding shares and operating partnership units at a price of $19 per share. This offer represents a 12.2% premium over Whitestone's closing price on April 8, and a 26.5% premium compared to the unaffected share price prior to March 5. Market reaction was immediate, with Whitestone shares climbing 10.96% to $18.80 in pre-market trading following the announcement. The transaction is expected to be finalized in the third quarter of 2026.