Class A Common and Class B Common Shareholders Eligible to Participate
HOUSTON--(BUSINESS WIRE)--
Whitestone REIT (NYSE-AMEX: WSR – “Whitestone”), a fully
integrated real estate company that owns, operates and redevelops
Community Centered PropertiesTM, which are visibly located
properties in established or developing culturally diverse
neighborhoods, is pleased to announce today that its Board of Trustees
has approved the creation of a Dividend Reinvestment Plan (“DRIP”) for
shareholders of record of its Class A common shares and Class B common
shares, effective May 31, 2011. Through the plan, Class B common shares
are issued to participants with reinvested dividends at the average of
the high and low sales price reported on the NYSE Amex on the dividend
payment date, as further described in the DRIP prospectus. Whitestone
expects to have the plan in place on June 1, 2011.
All shareholders of record of Class A common and Class B common shares
are eligible to participate in the DRIP, and may have all of their
monthly cash dividends automatically reinvested in additional Class B
common shares of Whitestone REIT. No administrative fees or commissions
will be payable by participants in connection with purchases of Class B
common shares pursuant to the DRIP.
“We are pleased to offer this new plan, which provides a convenient and
economical way for shareholders to increase their share ownership in
Whitestone without incurring brokerage commissions or service charges,”
said James C. Mastandrea, Whitestone’s Chairman and Chief Executive
Officer.
Whitestone announced its third quarter dividend on May 16, 2011, of
$0.285 per Class A common and Class B common share and Operating
Partnership (“OP”) unit, which is payable monthly in three installments
of $0.095 per share and unit. The first installment of the third quarter
dividend will have a record date of July 1st for payment on
July 7th, which will be the first dividend eligible for
reinvestment in the DRIP.
American Stock Transfer & Trust Company (“AST”) will serve as
Whitestone’s plan administrator and agent and will act on behalf of
participants to process the purchases and sales of the Class B common
shares as part of the DRIP. AST also serves as transfer agent for
Whitestone REIT’s Class A common and Class B common shares. Registered
Whitestone REIT shareholders, who are those shareholders that hold the
shares in their own name, wishing to participate in the DRIP will be
able to find the full text of the DRIP prospectus and enrollment forms
at www.amstock.com.
Non-registered beneficial shareholders, those shareholders who hold the
shares in an investment account with a broker, are advised to contact
their brokers, investment dealers or other financial intermediaries for
details on how to participate in the Whitestone REIT DRIP.
Whitestone has filed a registration statement (including a prospectus)
with the Securities and Exchange Commission (“SEC”) for Class B common
shares offered pursuant to the DRIP. Before enrolling, shareholders are
advised to read the complete text of the DRIP prospectus and to consult
with their financial advisors regarding their individual investment
profile and tax situation. When ready for distribution, the DRIP
prospectus detailing the Dividend Reinvestment Plan, along with an
Enrollment Form to establish an account, will be mailed to all
shareholders of record.
Anyone may request a DRIP prospectus by contacting American Stock
Transfer & Trust Company at 1-877-879-8035 or by mail: American Stock
Transfer & Trust Company c/o Whitestone REIT, P.O. Box 922, Wall Street
Station, New York, New York, 10269-0560. The prospectus will also be
available by visiting the SEC web site at www.sec.gov.
Quarterly dividends are only payable as and when declared by
Whitestone’s Board of Trustees and there is no entitlement to any
dividend prior thereto.
About Whitestone REIT
Whitestone REIT (NYSE-AMEX: WSR) is a fully integrated real estate
company that owns, operates and re-develops Community Centered PropertiesTM,
which are visibly located properties in established or developing
culturally diverse neighborhoods. Whitestone focuses on value-creation
in its Centers, as it markets, leases and manages its Centers to match
tenants with the shared needs of surrounding neighborhoods. Operations
are structured for providing cost-effective service to local
service-oriented smaller space tenants (less than 3,000 square feet).
Whitestone has a diversified tenant base concentrated on service
offerings including medical, education, and casual dining. The largest
of its approximately 800 tenants comprise less than 2% of its rental
revenues. Headquartered in Houston, Texas, the Company is internally
managed with a portfolio of commercial properties in Texas, Arizona and
Illinois. For additional information about the Company, please visit www.whitestonereit.com.
The Investor Relations section of the Company's website has links to SEC
filings, news releases, financial reports and investor newsletters.
Forward-Looking Statements
Statements included herein that state the Company's or management's
intentions, hopes, beliefs, expectations or predictions of the future
are "forward-looking" statements within the meaning of the Private
Securities Litigation Reform Act of 1995, which by their nature, involve
known and unknown risks and uncertainties. The Company's actual results,
performance or achievements could differ materially from those expressed
or implied by these statements. Reference is made to the Company's
regulatory filings with the Securities and Exchange Commission for
information or factors that may impact the Company's performance.
Source: Whitestone REIT
Contact:
Whitestone REIT
Anne Gregory, (713) 435 2221
Vice
President Marketing & Investor Relations
ir@whitestonereit.com