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Note 6 - Investment in Real Estate Partnership (Details Textual)
3 Months Ended 8 Months Ended 9 Months Ended 24 Months Ended
Apr. 24, 2024
USD ($)
Jan. 25, 2024
USD ($)
Dec. 01, 2023
USD ($)
Sep. 30, 2024
USD ($)
Mar. 31, 2024
USD ($)
Sep. 30, 2023
USD ($)
Aug. 18, 2022
USD ($)
Sep. 30, 2024
USD ($)
Sep. 30, 2023
USD ($)
Dec. 08, 2018
USD ($)
Dec. 31, 2023
USD ($)
ft²
Oct. 24, 2023
USD ($)
Dec. 08, 2016
Equity Method Investment, Difference Between Carrying Amount And Underlying Equity, Amortization       $ 0   $ 27,000   $ 7,000 $ 81,000        
Equity Method Investments [1],[2],[3]       0       0     $ 31,671,000    
Bankruptcy of Whitestone Uptown Tower LLC [Member] | Settled Litigation [Member]                          
Litigation Settlement, Amount Awarded to Other Party     $ 13,632,764                    
Litigation Settlement Interest     $ 1,688,000                    
Bankruptcy of Whitestone Uptown Tower LLC [Member] | Settled Litigation [Member] | Pillarstone OP [Member]                          
Litigation Settlement, Amount Awarded to Other Party $ 1,123,950.24                        
Bankruptcy of Whitestone Uptown Tower LLC [Member] | Settled Litigation [Member] | Pillarstone OP [Member] | Maximum [Member]                          
Legal Fees $ 20,000                        
Irrevocable Redemption of Investment in Pillarstone OP [Member] | Pending Litigation [Member]                          
Litigation Settlement Interest   $ 13,000,000                      
Equity Method Investments   31,600,000                      
Gain Contingency, Unrecorded Amount   $ 70,000,000                      
Performance Guarantee [Member]                          
Guarantees, Fair Value Disclosure         $ 462,000                
Guarantee Liability, Amortization Period (Year)         7 years                
Amortization of Guarantee Liability       $ 0   0   $ 0 18,000        
Uptown Tower [Member]                          
Property Management Fee Revenue             $ 144,000            
Uptown Tower [Member] | Performance Guarantee [Member] | Guarantee Obligations [Member]                          
Guarantee Obligation, Additional Amount Due                       $ 4,600,000  
Interest Payable                       6,300,000  
Escrow Deposit                       $ 1,700,000  
Uptown Tower [Member] | Performance Guarantee [Member] | Pillarstone OP Uptown Loan [Member]                          
Debt Instrument, Face Amount           $ 14,400,000     $ 14,400,000        
Pillarstone Capital REIT and Pillarstone Capital REIT Operating Partnership, L.P. vs Company and Certain Subsidiaries and Certain Executives [Member] | Unconsolidated Properties [Member]                          
Number of Real Estate Properties                     8    
Area of Real Estate Property (Square Foot) | ft²                     926,798    
Variable Interest Entity, Primary Beneficiary [Member]                          
Number of Non-core Properties Contributed to Variable Interest Entity                         14
Variable Interest Entity, Consideration, Amount                   $ 84,000,000      
Variable Interest Entity, Consideration, Limited Partnership Interest                   18,100,000      
Variable Interest Entity, Consideration, Liabilities Assumed                   $ 65,900,000      
[1] On December 26, 2021, the Board of Trustees of Pillarstone REIT adopted a new shareholder rights agreement (the “Pillarstone Rights Agreement”). Because Pillarstone REIT sought to use the Pillarstone Rights Agreement to prevent Whitestone OP from exercising its contractual Redemption Right, on July 12, 2022, Whitestone OP filed suit against Pillarstone REIT in the Court of Chancery of the State of Delaware challenging the Pillarstone Rights Agreement. On September 8, 2022, Whitestone OP’s Motion to Preserve the Status Quo was granted by the Court, limiting Pillarstone OP from engaging in any acts outside the ordinary course of business and otherwise imposing restrictions on Pillarstone OP to ensure that Whitestone’s right of redemption is not impaired while the underlying dispute is being considered by the Court. On January 25, 2024, the Delaware Court of Chancery: held that Pillarstone breached the implied covenant of good faith and fair dealing when it adopted the Pillarstone Rights Agreement that thwarted Whitestone OP from exercising the unfettered contractual redemption right it obtained in connection with its investment in the partnership; and the Court held that the Rights Plan was unenforceable as to the limited partner and allowed Whitestone OP to exercise its redemption right; allowed Pillarstone to determine the current value of the Partnership’s assets; and, as necessary, later enter a monetary judgment against Pillarstone for the difference between the amount Whitestone would have received in or around December 2021 and the current value. On January 25, 2024, the Company exercised its notice of redemption for substantially all of its investment in Pillarstone OP. On March 4, 2024, Pillarstone REIT authorized and filed the Chapter 11 bankruptcy of itself, Pillarstone OP, and the remainder of its special purpose entities in the United States Bankruptcy Court for the Northern District of Texas. As of the date of this filing, Whitestone has not received consideration for its redemption of its equity investment in Pillarstone OP as required by the partnership agreement. We intend to pursue collection of amounts due from Pillarstone OP through all means, including further litigation if necessary and while we do not know the ultimate amount to be collected, we believe the amount will be in excess of the current carrying value of our equity investment in Pillarstone OP.
[2] Representing eight property interests and 926,798 square feet of GLA, as of December 31, 2023. Subsequent to January 25, 2024, the Company ceased utilizing the equity method following the exercise of its notice of redemption for the majority of its investment in Pillarstone OP. We reclassified our investment in Pillarstone OP to a receivable on our balance sheet after estimating 25 days of our share of the equity investment income.
[3] We rely on reporting provided to us by Pillarstone OP’s general partner for financial information regarding the Company’s investment in Pillarstone OP. Because Pillarstone OP financial statements as of March 31, 2023 have not been made available to us, we have estimated the value of the investment based on the information available to us at the time of this report.