Pillarstone Capital Reit Revenue, Net Income & 10-K Summary

Company overview

Founded in 1994 as a Maryland real estate investment trust.
Core business: investing in, owning and operating commercial properties, including retail, office, office-warehouse, industrial and other commercial assets.
Strategic plans included acquisitions and development, mergers with other REITs/REOCs, and joint ventures.
Structure: operations are substantially conducted through Pillarstone Capital REIT Operating Partnership LP (Pillarstone OP), a Delaware limited partnership formed in 2016. Pillarstone is the sole general partner of Pillarstone OP.
Ownership and consolidation: As of December 31, 2023, Pillarstone owned 18.6% of Pillarstone OP and consolidated Pillarstone OP in its financial statements. Pillarstone OP was majority-owned by Whitestone entities (Whitestone OP held approximately 81.4%).
Governance and formation events: In 2016 Pillarstone contributed assets from Whitestone. In July 2022 Whitestone TRS terminated its management agreements, triggering internalization of asset management by Pillarstone. The company filed for Chapter 11 bankruptcy in March 2024 with Pillarstone OP and related entities; a plan of liquidation and associated settlements were completed in 2024–2025.

Real estate assets: Eight properties located in Dallas and Houston.
Total gross leasable area (GLA): 926,798 sq ft (approximately 0.9 million sq ft).
Portfolio occupancy and revenue:
- Weighted average occupancy: 49%.
- Annualized base rent revenue (total): $8.718 million.
- Average base rent per leased sq ft: $19.05.

Assets (location, year built, GLA, occupancy, annualized base rent, base rent per leased sq ft)

9101 LBJ Freeway, Dallas (1985) — 125,874 sq ft; 48% occupied; $1,035k; $17.17/sq ft.
Corporate Park Northwest, Houston (1981) — 174,359 sq ft; 68% occupied; $1,827k; $15.50/sq ft.
Corporate Park Woodland II, Houston (2000) — 14,344 sq ft; 83% occupied; $259k; $21.69/sq ft.
Holly Hall Industrial Park, Houston (1980) — 90,000 sq ft; 67% occupied; $901k; $14.94/sq ft.
Holly Knight, Houston (1984) — 20,015 sq ft; 80% occupied; $597k; $37.26/sq ft.
Interstate 10 Warehouse, Houston (1980) — 151,000 sq ft; 0% occupied (vacant); $72k; base rent per sq ft not applicable.
Uptown Tower, Dallas (1982) — 253,981 sq ft; 50% occupied; $3,174k; $25.16/sq ft.
Westgate Service Center, Houston (1984) — 97,225 sq ft; 63% occupied; $853k; $13.91/sq ft.
Portfolio totals: 926,798 sq ft GLA; 49% occupancy; $8,718k annualized base rent; $19.05 average base rent per leased sq ft.

Employees: Nine employees (excluding three executive officers) as of December 31, 2023.
Public reporting: Pillarstone is a public company subject to SEC reporting requirements, including Forms 10-K and 10-Q.
Internal controls: Material weaknesses in internal controls were identified through 2023.

REIT status: Pillarstone did not qualify as a REIT for 2023 and was subject to corporate-level federal income tax on earnings.
Accumulated deficit: Approximately $25.4 million as of December 31, 2023.
Financial condition: The company reported substantial losses since 2020, ongoing litigation, internal-control remediation efforts, and capital needs to fund operations and strategic plans; these matters were addressed in the bankruptcy proceedings.

Bankruptcy: On March 4, 2024, Pillarstone Capital REIT, Pillarstone OP and related subsidiaries filed Chapter 11; the cases were jointly administered. A plan of liquidation and related settlements were approved and executed between 2024 and 2025, including distributions to equity interests and settlements with Whitestone parties.
Asset sales and distributions: Several assets, including Uptown Tower, were sold in 2024–2025 as part of the liquidation. Uptown Tower sold in July 2025 for $20 million, subject to deductions, closing costs and reimbursements.
Plan agent: Frances A. Smith was appointed plan agent to administer claims and distributions under the jointly administered plan of liquidation.