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Whitestone has Failed to Create Value Since MCB Withdrew $15 Per Share Proposal Last Year
Reiterates Opportunity to Unlock Value and Deliver Compelling Premium to Shareholders
Urges Shareholders to Demand the Whitestone Board Engage with MCB or Initiate Public Strategic Alternatives Process to Maximize Value
Commits to Voting Against Whitestone Board
MCB Real Estate ("MCB"), a leading commercial real estate developer and investment management firm with a diverse nationwide portfolio and approximately $3 billion in AUM, issued an open letter to all Whitestone REIT (NYSE:WSR) ("Whitestone" or the "Company") shareholders regarding MCB's proposal to acquire all of the outstanding shares of Whitestone REIT for $15.20 per share in cash, with no financing contingency. Absent engagement, MCB is considering all available options to ensure that the Board acts in the best interests of shareholders.
Below is the letter to Whitestone shareholders:
November 4, 2025
Dear Fellow Whitestone REIT Shareholders,
MCB Real Estate ("MCB") is the largest actively managed shareholder of Whitestone REIT ("Whitestone" or the "Company"), with ownership of 4,690,000 shares representing 9.2% of Whitestone's common shares. We are writing to inform all Whitestone shareholders that MCB stands ready to acquire the Company at $15.20 per share. Absent constructive engagement toward a transaction or the initiation of a public strategic alternatives process, we intend at a minimum to vote against the entire Whitestone Board at the next Annual Meeting of Shareholders, and encourage all shareholders to do the same.
MCB's $15.20 Per Share Proposal Delivers Immediate, Compelling and Certain Value,
at an Attractive Premium, to all Whitestone Shareholders
Under MCB's proposal, Whitestone shareholders would receive $15.20 per share in cash, representing a 21.0% premium to Whitestone's share price and a 25.0% premium to Whitestone's 30-day VWAP as of November 3, 2025. MCB's proposal is backed by fully committed equity along with debt financing supported by a highly confident letter from Wells Fargo.
MCB's $15.20 per share all-cash proposal represents a compelling valuation of Whitestone at a price to consensus next twelve months funds from operations ("NTM FFO") multiple of 14.0x, which would be the highest multiple paid among recent strip center M&A transactions with a transaction value of $2.0 billion or less.1
Posted In: WSR
