Private company

PILLARSTONE CAPITAL REIT

PILLARSTONE CAPITAL REIT is an American real estate investment trust based in Elm Grove.2

Last updated Oct 20, 2026.

Overview

  • IndustryReal Estate Investment Trusts2
  • HeadquartersElm Grove, United States2
  • Incorporated inMD3
  • Business address2600 S. Gessner Rd - Suite 555, Houston, Tx 770633
  • Filer categoryNon-accelerated filer, Smaller reporting company3
  • Legal formINVESTMENT COMPANY WITH VARIABLE CAPITAL2
  • LEI5493007Y26XISI81OV482
  • StatusActive2
  • LEI statusLapsed (not renewed)2
  • Registered addressC/O CSC-Lawyers Incorporating Service Company, 21202 Baltimore, United States2

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Pillarstone Capital REIT (the “Company,” “Pillarstone,” “we,” “our,” or “us”) is a Maryland real estate investment trust (“REIT”) engaged in investing in, owning and operating commercial properties. As of December 31, 2025, the Company no longer owned any properties and continued to pursue claims in its bankruptcy proceedings discussed in this report.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-15.3%Return on equity5

Financial statements

Revenue6789105$0 in 2025
0$5.0M$10.0M$15.0M2019: $14.3M$14.3M20192020: $9.7M$9.7M2020−32%2021: $9.3M$9.3M2021−4%2022: $5.2M$5.2M2022−44%2023: $0$020232024: $0$020242025: $0$02025
Net income6789105-$423.0K in 2025
-$1.0M0$1.0M$2.0M$3.0M$4.0M2019: $3.1M$3.1M20192020: -$371.0K-$371.0K20202021: -$259.0K-$259.0K2021−30%2022: $440.0K$440.0K20222023: -$330.0K-$330.0K20232024: $85.0K$85.0K20242025: -$423.0K-$423.0K2025
Fiscal year2019202020212022202320242025
Revenue$14.3M6$9.7M7$9.3M8$5.2M9$010$05$05
Cost of revenue$10.2M6$8.1M7$8.0M7$5.8M9$203.0K10$288.0K5$439.0K5
Operating expenses$788.0K7$8.9M8
Operating income
Interest$2.4M6$816.0K7$811.0K7
Income before tax$476.0K8-$635.0K9-$223.0K10$556.0K5-$423.0K5
Income tax$280.0K6-$35.0K7$2.0K8$139.0K9-$33.0K10$486.0K5$05
Net income$3.1M6-$371.0K7-$259.0K8$440.0K9-$330.0K10$85.0K5-$423.0K5
Earnings per share$7.576-$0.817-$0.598$0.929-$0.6410$0.205-$0.865
Earnings per share (diluted)$1.026-$0.817-$0.598$0.159-$0.6410$0.035-$0.865
Shares (weighted, basic)441.5K shares8494.0K shares9494.0K shares10494.0K shares5494.0K shares5
Shares (weighted, diluted)441.5K shares83.1M shares93.1M shares103.1M shares5494.0K shares5

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Corporate structure

PILLARSTONE CAPITAL REIT sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of PILLARSTONE CAPITAL REIT

  • Dennis Chookaszian Filed SC 13D/A on PILLARSTONE CAPITAL REIT, latest Dec 17, 2021
  • Kathy M. Jassem Filed SC 13D/A on PILLARSTONE CAPITAL REIT, latest Dec 17, 2021
  • Paul T. Lambert Filed SC 13D/A on PILLARSTONE CAPITAL REIT, latest Dec 17, 2021
  • PILLARSTONE CAPITAL REIT Elm Grove, Wisconsin, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What PILLARSTONE CAPITAL REIT reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$4.2M5 Dec 31, 2025$146.0K5 Dec 31, 2024+2760.3%

Properties, in its own words

General Physical and Economic Attributes

As of December 31, 2025, we did not own any properties. Our principal executive office is located in leased facilities at 9825 E Bell Rd., Suite 130, Scottsdale, Arizona 85260. The rent under the lease is $2,700 per month, and the lease expires in November 2026.

Item 2 of the 10-K filed Oct 7, 2026.4

Leadership

Who has led PILLARSTONE CAPITAL REIT, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. James C. Mastandrea2006–2015

Chair

  1. James C. Mastandrea2006–2015

President

  1. James C. Mastandrea2006

Chief financial officer

  1. John J. Dee2006–2015
2010201520202025
Board members and other officers (7)

Former names

  • PARAGON REAL ESTATE EQUITY & INVESTMENT TRUSTJul 14, 2003 to Mar 29, 20163
  • STONEHAVEN REALTY TRUSTJul 14, 2000 to Jul 8, 20033
  • WELLINGTON PROPERTIES TRUSTNov 15, 1996 to Jan 13, 20003

Timeline

  1. Dec 4, 20238-K Debt or obligation accelerated20
  2. Sep 13, 20238-K Debt or obligation accelerated; Other events21
  3. Apr 3, 20238-K Results of operations; Other events22
  4. Nov 17, 20228-K Other events23
  5. Jul 25, 20228-K Ended a material agreement; Executive or director change; Regulation FD disclosure24
  6. Jun 30, 20228-K Shareholder vote25
  7. Dec 29, 20218-K Entered a material agreement; Change to shareholders' rights; Bylaws or fiscal year changed26
  8. Oct 3, 2006New chief executive James C. Mastandrea becomes CEO12

Calendar

When it reported results

  1. Apr 3, 2023Reported quarterly or annual results22

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

39 filings to the SEC since October 2021: 7 annual reports, 13 quarterly reports, 7 major events, 3 insider forms, 3 large holders, 6 other. The latest 20:

  1. Oct 7, 202610-K EDGAR
  2. Oct 7, 202610-Q EDGAR
  3. Oct 7, 202610-Q EDGAR
  4. Oct 7, 202610-Q EDGAR
  5. Sep 3, 202610-K/A EDGAR
  6. Aug 13, 202610-K EDGAR
  7. Aug 13, 202610-Q EDGAR
  8. Aug 13, 202610-Q EDGAR
  9. Aug 13, 202610-Q EDGAR
  10. Jun 15, 202610-K EDGAR
  11. Jun 15, 202610-Q EDGAR
  12. Jun 15, 202610-Q EDGAR
  13. Jun 15, 202610-Q EDGAR
  14. Jan 5, 2026DFAN14A EDGAR
  15. Jan 2, 2026DFAN14A EDGAR
  16. Jul 31, 202510-K EDGAR
  17. Jul 31, 202510-Q EDGAR
  18. Dec 4, 20238-K EDGAR
  19. Sep 13, 20238-K EDGAR
  20. Apr 3, 20238-K EDGAR

The 39 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

SEC filer profile

How PILLARSTONE CAPITAL REIT is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARPILLARSTONE CAPITAL REIT1
  • CIK0000928953
  • Employer ID (EIN)39-65940664
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; a shell company4
  • Incorporated inMaryland4
  • Fiscal year endsDecember 311
  • Industry code (SIC)6798 Real Estate Investment Trusts1
  • SEC reviewing officeOffice of Real Estate & Construction, Division of Corporation Finance1
  • Business address2600 S. Gessner Rd - Suite 555, Houston, TX 770631
  • Phone83281001001
  • Shares outstanding657,084 shares as of Oct 1, 20264
  • Public float$4.6K as of Jun 30, 20254
  • AuditorM&K CPAS, PLLC, The Woodlands, TX PCAOB ID 2738; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceJun 5, 19961
  • Filings346 in all: 4 (57), 10-Q (55), 8-K (52), 10QSB (34), SC 13D/A (19), 10-K (18), 10KSB (12), DEF 14A (12)1
    All 42 form types

    SC 13D (10), 3 (7), 10QSB/A (6), 10-K/A (5), 8-K/A (5), SB-2/A (5), SC 13G/A (5), 10-Q/A (4), PRE 14A (4), PRER14A (3), SC 13G (3), SC TO-I/A (3), 10KSB/A (2), 8-A12B (2), DFAN14A (2), SB-2 (2), UPLOAD (2), 3/A (1), 424B1 (1), 425 (1), 8-A12G (1), CORRESP (1), D (1), DEFA14A (1), DEFM14A (1), DEFS14A (1), NT 10-K (1), NT 10-Q (1), PREM14A (1), PRES14A (1), RW (1), S-2 (1), S-8 (1), SC TO-I (1)

  • Latest filingsAnnual report (10-K) Oct 7, 2026
    Quarterly report (10-Q) Oct 7, 2026
    Proxy statement (DEF 14A) Apr 20, 2022
    Latest 8-K (8-K) Dec 4, 2023

Risk factors and legal proceedings

The risks PILLARSTONE CAPITAL REIT names in Item 1A of its 10-K filed Oct 7, 2026: 33 risks under these headings, as written.4

  • Risks Related to Our Business
  • Whitestone Uptown Tower, LLC may not prevail in its litigation proceedings with Whitestone.
  • Since the termination of our management agreements by Whitestone, we have incurred significant losses, which raises substantial doubt about our ability to continue as a going concern.
  • We have identified material weaknesses in our internal controls over financial reporting. If we fail to maintain an effective system of internal controls, such failure could cause investors to lose confidence in our reported financial information, which could harm our business and have a material adverse effect on the price of our common shares.
  • We face risks associated with our property development.
  • We face risks associated with property acquisitions.
  • Because we have nominal operations and revenue, we are considered a “shell company” and are subject to more stringent reporting requirements.
  • We currently have limited operations, and investors therefore have a limited basis on which to evaluate the Company’s future prospects.
  • We may face difficulties or delays in our search for a business combination or new assets, and we may not have access to sufficient capital to consummate such a transaction.
  • If we are not successful in acquiring or developing a new business and generating material revenues, investors will likely lose their investment.
  • We may need to raise additional capital in the future by issuing debt or equity securities, the terms of which may dilute our current investors and may reduce or limit their liquidation or other rights.
  • We may encounter difficulty locating and consummating a business combination or assets to acquire, including as a result of the competitive disadvantages we have.
The other 22 risks
  • We may expend significant time and capital on a prospective business opportunity that is not ultimately consummated.
  • We may engage in a transaction that causes tax consequences to us and our shareholders.
  • It is unlikely that our shareholders will be afforded any opportunity to evaluate or approve a business transaction.
  • We may attempt to complete a business transaction with a private target company about which little information is available, and such target entity may not generate revenue as expected or otherwise be compatible with us as expected.
  • Our ability to assess the management of a prospective target business may be limited and, as a result, we may acquire a target business whose management does not have the skills, qualifications or abilities to enable a seamless transition, which could, in turn, negatively impact our results of operations.
  • Changes in laws or regulations, or a failure to comply with the laws and regulations applicable to us, may adversely affect our business, ability to negotiate and complete a transaction for a business opportunity, and results of operations.
  • We face risks in attracting and retaining key personnel.
  • We face risks associated with security breaches through cyber attacks or cyber intrusions, as well as other significant disruptions of our information technology (“IT”) networks and related systems.
  • Risks Relating to Financing
  • We face risks associated with the use of debt financing, including refinancing risk.
  • Adverse changes in our credit ratings could impair our ability to obtain additional debt and equity financing on favorable terms, if at all.
  • The lack of certain limitations on our ability to incur debt could result in our becoming more highly leveraged. Any additional indebtedness incurred may have a material adverse effect on our financial condition and results of operations.
  • Risks Related to the Ownership of Our Common Shares
  • The market price of our common shares may fluctuate.
  • We do not qualify as a REIT.
  • Certain provisions of our declaration of trust and bylaws may inhibit a change of our control.
  • A small number of existing shareholders control our company, which could limit your ability to influence the outcome of shareholder votes.
  • We are subject to the reporting requirements of the federal securities laws, which can be expensive.
  • The issuance or sale of equity, convertible or exchangeable securities in the market, or the perception of such future sales or issuances, could lead to a decline in the price, if any, of our common shares.
  • Because our shares are deemed “penny stock,” you may have difficulty selling them in the secondary trading market.
  • Risks Related to Our Bankruptcy
  • As a result of our bankruptcy cases, we are subject to the risks and uncertainties associated with bankruptcy cases and operating under Chapter 11 may restrict our ability to pursue strategic and operational initiatives.
  • Prosecution of the bankruptcy cases has consumed and will continue to consume a substantial portion of the time and attention of our management, which may have an adverse effect on our business and results of operations.
  • We are in the process of Chapter 11 reorganization cases under the Bankruptcy Code, which may cause our common shares to decrease in value or may render our common shares worthless.
  • Operating in bankruptcy for a long period of time may harm our business.

Legal proceedings

We may from time to time become a party to legal proceedings and claims that arise in the ordinary course of our business. These matters are generally covered by insurance. While the frequency and resolutions of any ordinary course matters cannot be predicted with certainty, we believe that occurrence and outcomes of these ordinary course matters will not have a material effect on our financial position, results of operations or cash flows. Other legal matters are discussed below.

Delaware Case

On July 12, 2022, we were named as a defendant in a lawsuit by Whitestone OP in a lawsuit styled Whitestone REIT Operating Partnership, L.P. v. Pillarstone Capital REIT, C.A. No. 2022-0607-LWW, in the Court of Chancery of the State of Delaware. The suit challenged our rights agreement, dated as of December 27, 2021 (as the same may be amended from time to time, the “Rights Agreement”), between us and American Stock Transfer & Trust Company, LLC, as rights agent, and claimed that our adoption of the Rights Agreement breached the Pillarstone OP Amended and Restated Agreement of Limited Partnership, and that we breached our fiduciary duties as general partner of Pillarstone OP to Whitestone OP and breached the implied covenant of good faith and fair dealing under the Amended and Restated Agreement of Limited Partnership.

The opening of Item 3, Legal Proceedings.4

Sources

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