Whitestone REIT 2025年度报告

UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549____________________________________ FORM 10-K (Mark One)☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025OR☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period from ____________ to ____________ Commission File Number: 001-34855______________________________ WHITESTONE REIT (Exact Name of Registrant as Specified in Its Charter) 2600 South Gessner, Suite 500, Houston, Texas77063(Address of Principal Executive Offices)(Zip Code) Registrant’s telephone number, including area code:(713) 827-9595Securities registered pursuant to Section 12(b) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes☐No☒ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes☐No☒ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject tosuch filing requirements for the past 90 days. Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required tosubmit such files). Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting companyor an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerginggrowth company” in Rule 12b-2 of the Exchange Act. Accelerated filer☒Non-accelerated filer☐Smaller reporting company☐Emerging growth company Large accelerated filer☐☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying withany new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of itsinternal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accountingfirm that prepared or issued its audit report.☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant includedin the filing reflect the corrections of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensationreceived by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes☐No☒ The aggregate market value of the common shares held by nonaffiliates of the registrant as of June30,2025 (the last business day of theregistrant’s most recently completed second fiscal quarter) was $556,553,575. As of March 3, 2026, the registrant had 51,391,734 common shares of beneficial interest, $0.001 par value per share, outstanding. DOCUMENTS INCORPORATED BY REFERENCE: We incorporate by reference in Part III of this Annual Report on Form 10-K portions ofour definitive proxy statement for our2026 Annual Meeting of Shareholders, which proxy statement will be filed no later than 120 days after theend of our fiscal year ended December 31, 2025. WHITESTONE REITFORM 10-KYear Ended December 31, 2025 PART IItem 1. Business.Item 1A.Risk Factors.Item 1B.Unresolved Staff Comments.Item 1C.Cybersecurity.Item 2.Properties.Item 3.Legal Proceedings.Item 4.Mine Safety Disclosures. Item 5.Market for Registrant’s Common Equity, Related Shareholder Matters and Issuer Purchases of EquitySecurities.Item 6.Reserved.Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations.Item 7A.Quantitative and Qualitative Disclosures About Market Risk.Item 8.Financial Statements and Supplementary Data.Item 9.Changes in and Disagreements With Accountants on Accounting and Financial Disclosure.Item 9A.Controls and Procedures.Item 9B.Other Information.Item 9C.Disclosure Regarding Foreign Jurisdiction that Prevent Inspections. PART IIIItem 10. Directors, Executive Officers and Corporate Governance.Item 11.Executive Compensation.Item 12.Security Ownership of Certain Beneficial Own