Note 11 - Equity

3 Months Ended

Mar. 31, 2026

11. EQUITY

Common Shares

Under our declaration of trust, as amended, we have authority to issue up to 400,000,000 common shares of beneficial interest, $0.001 par value per share, and up to 50,000,000 preferred shares of beneficial interest, $0.001 par value per share.

Equity Offerings

On May 9, 2025, we filed a Form S-3 (File No. 333-287167), which was subsequently declared effective by the SEC on May 19, 2025 (the “2025 Registration Statement”), replacing the 2022 Registration Statement (defined below). The 2025 Registration Statement will expire on May 19, 2028. The 2025 Registration Statement registers the issuance and sale by us of up to $750 million in securities from time to time, including common shares, preferred shares, debt securities, depositary shares and subscription rights.

On September 16, 2025, we entered into equity distribution agreements (individually, an “Equity Distribution Agreement” and together, the “Equity Distribution Agreements”) with each of BMO Capital Markets Corp., Barclays Capital Inc., BofA Securities, Inc., BTIG, LLC, Capital One Securities, Inc., Citizens JMP Securities, LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, KeyBanc Capital Markets Inc., RBC Capital Markets, LLC, Robert W. Baird & Co. Incorporated, Truist Securities, Inc., and UBS Securities LLC (individually, a “Placement Agent” and together, the “Placement Agents”), as agents for the offer and sale of up to an aggregate of $100,000,000 of our common shares of beneficial interest, par value $0.001 per share (the “Shares”), from time to time in “at the market” offerings (the “ATM Program”).

Sales of the Shares, if any, under the Equity Distribution Agreements may be made in transactions that are deemed to be “at the market offerings” as defined in Rule 415 under the Securities Act of 1933, as amended, including block sales, negotiated sales and sales made directly on the New York Stock Exchange or sales made to or through a market maker or through an electronic communications network. Each Placement Agent will be entitled to compensation of up to 2.0% of the gross sales price of all Shares sold through it under the applicable Equity Distribution Agreement. Subject to the terms and conditions of the Sales Agreement, the applicable Placement Agent will use its commercially reasonable efforts to sell on the Company’s behalf any Shares to be offered by the Company under the Sales Agreement. The Company has no obligation to sell any of the Shares under the Sales Agreement. We did not sell any shares under the ATM Program during the three months ended March 31, 2026.

On May 20, 2022, our universal shelf registration statement on Form S-3 (File No. 333-264881) (the "2022 Registration Statement") was declared effective by the SEC, which registers the issuance and sale by us of up to $500 million in securities from time to time, including common shares, preferred shares, debt securities, depositary shares and subscription rights.

On September 9, 2022, we entered into eleven equity distribution agreements for an at-the-market equity distribution program (the “2022 Equity Distribution Agreements”) providing for the issuance and sale of up to an aggregate of $100 million of the Company’s common shares pursuant to our Registration Statement on Form S-3 (File No. 333-264881). The 2022 Registration Statement, which registered the 2022 ATM Program, expired on May 20, 2025. As a result, no further shares of common stock may be sold under the 2022 ATM Program.

We have in the past, and expect to in the future, enter into at-the-market equity distribution programs providing for the issuance and sale of common shares. Actual sales will depend on a variety of factors determined by us from time to time, including (among others) market conditions, the trading price of our common shares, capital needs and our determinations of the appropriate sources of funding for us, and were made in transactions that will be deemed to be “at-the-market” offerings as defined in the Securities Act.

During the three months ended March 31, 2025, we did not sell shares under the 2022 equity distribution agreements.

Operating Partnership Units

Substantially all of our business is conducted through our Operating Partnership. We are the sole general partner of the Operating Partnership. As of March 31, 2026, we owned a 98.8% interest in the Operating Partnership.

Limited partners in the Operating Partnership holding OP units have the right to redeem their OP units for cash or, at our option, common shares at a ratio of one OP unit for one common share. Distributions to OP unit holders are paid at the same rate per unit as distributions per share to holders of Whitestone common shares. As of March 31, 2026 and December 31, 2025, there were 51,906,974 and 51,601,830 OP units outstanding, respectively. We owned 51,272,915 and 50,967,771 OP units as of March 31, 2026 and December 31, 2025, respectively. The balance of the OP units is owned by third parties, including certain members of our Board of Trustees (the “Board”). Our weighted average share ownership in the Operating Partnership was approximately 98.8% and 98.7% for the three months ended March 31, 2026 and 2025, respectively. For the three months ended March 31, 2026 and 2025, 0 and 6,605 OP units, respectively, were redeemed for an equal number of common shares.

Distributions

The following table summarizes the cash distributions paid or payable to holders of common shares and to holders of noncontrolling OP units during each quarter of 2025 and the three months ended March 31, 2026 (in thousands, except per share/per OP unit data):

	*Common Shares*				*Noncontrolling OP Unit Holders*				*Total*
Quarter Paid	*Distributions Per Common Share*		*Amount Paid*		*Distributions Per OP Unit*		*Amount Paid*		*Amount Paid*
2026
First Quarter	$	0.1425	$	7,288	$	0.1425	$	90	$	7,378
Total	$	0.1425	$	7,288	$	0.1425	$	90	$	7,378

2025
Fourth Quarter	$	0.1350	$	6,858	$	0.1350	$	87	$	6,945
Third Quarter		0.1350		6,858		0.1350		87		6,945
Second Quarter		0.1350		6,845		0.1350		87		6,932
First Quarter		0.1350		6,845		0.1350		87		6,932
Total	$	0.5400	$	27,406	$	0.5400	$	348	$	27,754

- Definition

The entire disclosure for equity.

+ References

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+ Details

Whitestone REIT 10-Q