arXiv:2610.28816v1 Announce Type: new Abstract: We investigate phase-coherent multistatic sensing in distributed ISAC systems where spatially separated access points (APs) share a common, non-ideal local oscillator (LO) impaired by phase noise (PN). In the presence of a single transmit AP and multiple receive APs with OFDM transmission, we derive the joint statistics of PN across receive APs and reveal its unique covariance structure that depends on target location through propagation delays of individual bistatic links. Based on this statistical characterization, we carry out a Cram\'{e}r-Rao bound analysis of three receiver models, namely PN-free, PN-aware and PN-ignorant, for both isotropic and non-isotropic targets. Simulation results verify the location-dependent statistics of PN in shared-LO distributed architectures while demonstrating how transmit power, LO quality, AP deployment and scattering characteristics affect multistatic localization.