Whitestone REIT Insider Filing: COO Receives 23K RSUs, Surrenders Shares for Taxes

Rhea-AI Filing Summary

Whitestone REIT (WSR) – Form 4 insider filing dated 07/02/2025

Chief Operating Officer Christine J. Mastandrea reported two transactions executed on 06/30/2025:

• Grant of 23,323 restricted common share units (transaction code A). The award was made at $0 cost under the 2018 Long-Term Equity Incentive Ownership Plan.
• Withholding of 6,470 common shares (transaction code F) to cover associated tax obligations, valued by the company at $12.48 per share.

After these transactions, Mastandrea’s direct beneficial ownership stands at 410,931 common shares, implying a net increase of 16,853 shares (+4.3%) versus her pre-transaction position.

No derivative securities were reported. Because the acquisition stemmed from an incentive award—not an open-market purchase—the signal is generally regarded as moderately positive; it increases insider alignment but does not reflect discretionary cash outlay. The tax-related share surrender is mechanically neutral.

Positive

• Net increase of 16,853 shares in COO's direct ownership, reinforcing management alignment with shareholders.
• Large absolute holding of 410,931 shares underscores meaningful insider stake.

Negative

• Share acquisition was an automatic RSU grant, offering weaker bullish signal than an open-market purchase.

Insights

Equity Research Analyst

TL;DR: COO received 23k RSUs, net +16.9k shares; ownership up 4%, neutral-to-slightly positive signal.

The filing shows an automatic equity grant rather than an open-market buy, limiting its informational value. However, the resulting 410,931-share stake (≈1% of outstanding if float ~41 M) evidences sizeable insider alignment. The tax-withholding sale at $12.48 is routine and does not suggest bearish sentiment. Overall impact on valuation or liquidity is negligible but directionally constructive for governance optics.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Mastandrea Christine J

(Last) (First) (Middle)

2600 SOUTH GESSNER

SUITE 500

(Street)

HOUSTON TX 77063

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Whitestone REIT [ WSR ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Operating Officer

3. Date of Earliest Transaction (Month/Day/Year)
06/30/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Shares	06/30/2025		A		23,323(1)	A	$0	417,401	D
Common Shares	06/30/2025		F		6,470(2)	D	$12.48(3)	410,931	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents restricted common share units granted pursuant to the Company's 2018 Long-Term Equity Incentive Ownership Plan.

2. Represents common shares withheld by the Company to satisfy tax withholding obligations in connection with the vesting of certain restricted units previously granted pursuant to the Company's 2018 Long-Term Equity Incentive Ownership Plan.

3. Per Share value assigned by the Company to the tax withholding shares based on the closing sales price of the common shares on June 30, 2025.

	/s/ David K. Holeman Attorney-in Fact for Christine J. Mastandrea	07/02/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How many Whitestone REIT shares does COO Christine Mastandrea now own?

410,931 common shares are reported as directly owned after the 06/30/2025 transactions.

What was the size of the new equity award granted to the COO?

She received 23,323 restricted common share units under the 2018 LTIP.

Why were 6,470 Whitestone REIT shares disposed of on the same date?

These shares were withheld to satisfy tax withholding obligations upon vesting of prior awards (code F).

Did the insider pay cash for the newly acquired shares?

No. The RSUs were granted at $0 cost; they form part of her compensation package.

Does this Form 4 indicate buying or selling pressure on WSR stock?

The net increase in holdings is slightly positive, but because it was an award rather than a purchase, market impact is limited.