$20 Million Unsecured Facility, Expandable to $75 Million
HOUSTON--(BUSINESS WIRE)--
Whitestone REIT (NYSE-AMEX:WSR)(“Whitestone”), 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, is
pleased to announce today that it has closed on a new $20 million
unsecured revolving credit facility with Harris Bank, part of BMO
Financial Group. The facility is expandable to $75 million and matures
two years from closing, with a 12 month extension available upon lender
approval. The Company will use the new facility for general corporate
purposes, including acquisitions and redevelopment of existing
properties in its portfolio.
“Our new $20 million unsecured credit facility, which can expand to $75
million, will provide Whitestone REIT with tremendous financial
flexibility to execute and close on new acquisitions,” said James C.
Mastandrea, Chairman and Chief Executive Officer of Whitestone. “This
new unsecured line of credit, combined with the capital we raised in our
recent follow-on offering, enables the Company to purchase approximately
an additional $150 million of value added properties. We are pleased to
enter into this unsecured credit facility, which we believe is
representative of Whitestone’s ability to profitably operate our
properties and manage our balance sheet. As the Company grows, we expect
to use our financial capabilities judiciously, which we believe will
maximize returns for our shareholders.”
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