Press Release|Corporates

KBRA Withdraws Whitestone REIT Operating Partnership, L.P. Issuer and Debt Ratings Following Acquisition by Ares Management

14 Jul 2026   |   New York

Contacts

KBRA withdraws and removes from Watch Developing its BBB- issuer and debt ratings for Whitestone REIT Operating Partnership, L.P. following the closing of the acquisition of parent Whitestone REIT by affiliates of Ares Real Estate Management Holdings, LLC on July 14, 2026. In connection with the acquisition, Whitestone REIT Operating Partnership, L.P.'s outstanding 5.09% senior notes due 2029 and 5.17% senior notes due 2029 were repaid in full at closing.

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Methodology

Disclosures

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

Doc ID: 1015971