Press Release|Corporates
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KBRA Places Whitestone REIT Issuer and Issue Ratings on Watch Developing

10 Apr 2026   |   New York

Contacts

KBRA places its BBB- issuer and securities ratings for Whitestone REIT Operating Partnership, L.P. (Whitestone) on Watch Developing following the announcement that Ares Management Corporation (Ares) has agreed to acquire parent Whitestone REIT (WSR) in an all-cash transaction valued at $1.7 billion. The transaction was unanimously approved by Whitestone’s board and is expected to close in Q3 2026. Following completion of the acquisition, Whitestone REIT will merge with Ares-affiliated real estate funds and be delisted from the New York Stock Exchange (NYSE).

KBRA will continue to monitor the transaction for updates or changes to proposed terms, including the potential for prepayment of the rated senior unsecured notes at closing.

Whitestone REIT is a Houston-based equity REIT focused on the ownership and management of 51 retail shopping center properties in the southwestern U.S. Key markets for Whitestone include Phoenix, Houston, Dallas, and Austin/San Antonio. As of December 31, 2025, WSR reported that its 4.9 million sf portfolio was 94.6% occupied.

To access ratings and relevant documents, click here.

Methodologies

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: 1014406