Overview
- Ares Management, in a Thursday announcement, agreed to buy Whitestone REIT for $19 per share in cash, valuing the company at about $1.7 billion after a unanimous board vote.
- Closing is targeted for the third quarter of 2026 and still needs shareholder approval, with no financing condition, and Whitestone will be delisted from the New York Stock Exchange once the deal closes.
- Whitestone owns 56 convenience-focused retail and mixed-use centers totaling about 4.9 million square feet in Phoenix and major Texas markets such as Austin, Dallas–Fort Worth, Houston and San Antonio.
- Ares said the purchase expands its footprint in necessity retail located in high-demand, supply-constrained Sun Belt cities, a sector it views as stable due to everyday tenant needs like groceries, health care and fitness.
- The $19 offer represents a 12.2% premium to Whitestone’s April 8 close and a 26.5% premium to its pre-March 5 price, and Thursday trading saw Whitestone shares jump roughly 11% as Ares slipped about 1% to 1.5%.