LOS ANGELES AND HOUSTON — Investment firm Ares Management Corp. (NYSE: ARES) has entered into a definitive merger agreement with Whitestone REIT (NYSE: WSR) to purchase the company. Ares will acquire all outstanding Whitestone common shares and operating partnership units for $19 per share in an all-cash transaction valued at roughly $1.7 billion.
Upon closing of the transaction, which is expected in the third quarter, Whitestone will become a private company and will no longer trade on the New York Stock Exchange.
Houston-based Whitestone is a real estate investment trust (REIT) focused on open-air neighborhood retail markets. As of March 2026, Whitestone’s portfolio comprised 56 retail properties totaling approximately 3.9 million square feet, including retail centers in Phoenix; Austin, Texas; the Dallas-Fort Worth metro; Houston and San Antonio.
“Whitestone’s portfolio provides an attractive opportunity to further diversify Ares Real Estate’s footprint with necessity-based retail centers in high-demand, supply-constrained metro regions across Arizona and Texas,” says David Roth, global head of real estate strategy and growth with Ares Real Estate.
Whitestone’s board of trustees unanimously approved the transaction, which is subject to customary closing conditions, including approval by Whitestone’s shareholders.
“We believe this transaction with Ares is a testament to the value that strategy has created for our business and, ultimately, for our shareholders,” says Dave Holeman, CEO of Whitestone.
BofA Securities is serving as Whitestone’s financial advisor, with Jones Lang LaSalle Securities acting as a financial advisor and Bass Berry & Sims serving as legal advisor to the company.
Citigroup Global Markets Inc. is acting as lead financial advisor and financing provider for Ares. Morgan Stanley & Co. is serving as the company’s financial advisor, and Kirkland & Ellis is serving as legal advisor.
Shares of Whitestone stock closed at $16.94 on April 8, up nearly 35 percent from $12.57 a year ago.
As of December 2025, Ares had nearly $623 billion in assets under management globally. Shares of the Los Angeles-based company closed at $104.83 on April 8, down roughly 24 percent from $137.75 one year prior.
— Hayden Spiess