Whitestone REIT (WSR) investor relations material

Executive summary

• A special meeting is scheduled for July 9, 2026, for shareholders to vote on a proposed merger with AREG Wizard Intermediate LP, an affiliate of Ares Real Estate Management Holdings, LLC, under a definitive merger agreement dated April 8, 2026.

• Shareholders will receive $19.00 in cash per share if the merger is approved and completed, representing a 12.2% premium to the closing price before announcement and a 26.5% premium to the unaffected price.

• The board of trustees unanimously recommends voting in favor of the merger, citing a robust sale process, competitive bidding, and a fairness opinion from BofA Securities.

• The merger is not subject to financing contingencies; Ares has secured both equity and debt commitments, with Citigroup providing debt financing.

• If approved, the company will be delisted from the NYSE and deregistered under the Exchange Act, ceasing to exist as a separate public entity.

Voting matters and shareholder proposals

• Shareholders will vote on three proposals: (1) approval of the merger, (2) a non-binding advisory vote on executive compensation related to the merger, and (3) approval of potential adjournments to solicit additional proxies or seek a quorum.

• Approval of the merger requires a majority of all outstanding shares; failure to vote or abstentions count as votes against the merger.

• The advisory vote on executive compensation and the adjournment proposal each require a majority of votes cast, with abstentions having no effect.

• No other business may be transacted at the meeting.

Board of directors and corporate governance

• The board conducted a comprehensive review of strategic alternatives, including remaining independent, joint ventures, and multiple acquisition proposals.

• The board engaged BofA Securities and JLL Securities as financial advisors and received multiple bids, ultimately selecting Ares' $19.00 per share all-cash offer as the most favorable.

• The board considered the certainty of value, lack of financing contingencies, and the competitive process in its recommendation.

• The board also approved indemnification agreements and an exclusive forum bylaw amendment for certain shareholder litigation.