#United States #Baltimore #MCB Real Estate #acquisition proposal #Whitestone REIT

MCB Real Estate Requests a Response from Whitestone REIT

On January 7, 2026, MCB Real Estate, a prominent player in the commercial real estate sector, sent a letter to the Board of Trustees of Whitestone REIT, addressing the lack of response to their acquisition proposal. The letter emphasized MCB's continued commitment to maximizing shareholder value amid ongoing frustrations with the current board's inaction.

Proposal Details

MCB's acquisition proposal, which offers $15.20 per share in an all-cash deal, represents a significant premium of 21% over Whitestone's unaffected share price as of November 3, 2025. Despite being a substantial shareholder with a 9.2% stake in Whitestone, MCB has not received any feedback or engagement from the board or management since their proposal was submitted over two months ago.

In the letter, P. David Bramble, Managing Partner of MCB, expressed the urgency for the board to act in the best interest of all shareholders. He highlighted the board's responsibility to respond to MCB's proposal, noting that the company has failed to address its underperformance compared to peers in the industry.

Call to Action

MCB emphasized its readiness to move forward with the acquisition, reaffirming their willingness to increase the offer should Whitestone provide necessary due diligence to justify a higher valuation. MCB's stance is clear: a sale of the company is essential to unlock value for shareholders. Consequently, the firm is prepared to vote against all incumbent directors during the next Annual Meeting of Shareholders if no meaningful engagement occurs.

Industry Context

The commercial real estate market has experienced various shifts leading to increased competition and valuation challenges. As a result, transparency and strategic action from governing boards are more critical than ever. MCB's proactive approach to engaging the Whitestone board signifies the growing pressure from shareholders demanding accountability and action.

Conclusion

MCB urges each member of the Whitestone Board to adhere to their fiduciary responsibilities by entering discussions regarding the acquisition or initiating a public strategic alternatives process. The firm is focused on ensuring that its fellow shareholders' voices are heard in this pivotal moment for the company’s future.

With a comprehensive portfolio encompassing retail, mixed-use, and healthcare properties, MCB Real Estate, headquartered in Baltimore, Maryland, is positioned to bolster investment returns for Whitestone's shareholders effectively. This development serves as a critical moment not just for MCB and Whitestone, but for the broader commercial real estate environment, emphasizing the importance of strategic decision-making in maximizing shareholder value.