Third Quarter 2011 Occupancy Increases by 3% to 86% versus Third
Quarter 2010
HOUSTON--(BUSINESS WIRE)--
Whitestone REIT (NYSE-Amex: WSR – “Whitestone”), a real estate
investment trust that acquires, owns and operates Community Centered
PropertiesTM, today reported occupancy and leasing highlights
for the third quarter, ended September 30, 2011. The physical occupancy
of its Operating Portfolio1 was 86% as of September 30, 2011,
a 3% increase since September 30, 2010. The Company’s total occupancy
including all centers was 84% as of the end of the quarter. Operating
Portfolio and total occupancy both increased two percent from the
occupancy level at June 30, 2011.
The Company signed 67 leases totaling 152,260 square feet in new and
renewal leases during the third quarter, primarily with tenants that
required less than 3,000 square feet in multi-cultural neighborhoods.
“Whitestone has expanded its specialized marketing programs and leasing
team for our eight Hispanic themed Community Centers in Houston, a total
of 480,220 square feet of leasable space. Occupancy in these Centers is
95%,” said James C. Mastandrea, Whitestone’s Chairman and Chief
Executive Officer. “We continue to see an increasing demand for small
spaces – less than 3,000 square feet – as we add new tenants to our
roster. Our small space Community Center tenants comprise approximately
71% of our total tenants, and carry a 57% rent premium per square foot
when compared with the average rent per square foot for our larger
spaces.”
Leasing Highlights
Arizona Region:
MarketPlace at Central—Phoenix: Signed a 36 month renewal with
Chang Dental for 1,300 square feet.
Terravita Marketplace—Scottsdale: Signed a new 10 year lease with
Sherwin Williams for 3,818 square feet.
Pima Norte—Carefree: Three new small space leases were signed in
this Center totaling 1,163 square feet: The Brainchild Foundation, a
non-profit organization that serves disabled children; Holland Partners,
a private investment firm; and Dr. Elizabeth Doak.
Texas/Illinois Region:
Windsor Park Centre—San Antonio: Signed a new 10 year lease with
Ross Dress for Less for 25,000 square feet.
Corporate Park Northwest—Houston: A small business incubator
themed Community Centre business park, signed four new and two renewal
leases totaling 6,444 square feet. Tenants include Gables Residential
Services and Texas AllPoint.
Lion Square—Houston: Teletron, a Vietnamese electronics store
based in Los Angeles, signed a 17,500 square foot lease in this Asian
themed Community Center located in Houston’s International Management
District. An established brand name retailer of electronics, home
appliances and furniture, Teletron will open in the fourth quarter 2011.
Renovation of the entire Center will be completed in 2012. Other new
tenants include Yan Li, who signed a new 1,040 square foot lease; and
Loc Cao, who signed a new 4,360 square foot lease.
Corporate Park Woodland—Houston: In this high-tech and energy
services small tenant corporate services Community Center, Home Team
Pest Defense leased 4,320 square feet; and World Environment leased
3,240 square feet.
Corporate Park West—Houston: EnviroCal, Inc., a manufacturer of
in line inspection geometry tools for the oil and gas pipeline industry,
signed a new 2,400 square foot lease in this small tenant corporate
Community Center. The company specializes in advanced high resolution
geometry products for the oil and gas pipeline industry.
Plaza Park—Houston: Rebellion Photonics, an innovative optics
technology start-up company, leased 5,269 square feet of office space in
this medical-themed Community Center located in Houston’s Medical Center
District. Rebellion Photonics has patented a revolutionary portable
snapshot technology that allows users to detect an object’s chemical
composition while instantaneously capturing the chemical’s image with a
real-time video camera.
Westbelt Plaza—Houston: Social Motion Skills, an educational
outreach program for children with autism, signed a new 1,263 square
foot lease.
I-10—Houston: Signed a new 5,000 square foot lease with a company
that provides fire protection services for oil rigs and equipment.
Spoerlein Commons—Chicago: In this upscale suburban Center,
Montessori World of Discovery signed a new 1,782 square foot lease and
opened for business during the quarter, and Homer Construction also
leased 400 square feet.
About Whitestone REIT
Whitestone REIT 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 such as medical, education, and casual dining. The largest of
its over 800 tenants comprises less than 2% of its rental revenues.
Headquartered in Houston, Texas and founded in 1998, the Company is
internally managed with a portfolio of commercial centers in Texas,
Arizona, and Illinois. For additional information about the Company,
please visit www.whitestonereit.com.
The investor section of the Company's website has links to SEC filings,
news releases, financial reports and investor newsletters.
1Operating Portfolio - excludes new acquisitions,
through the earlier of (1) attainment of 90% occupancy or 18 months of
ownership, and (2) properties which are undergoing significant
redevelopment or re-tenanting.
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.
Whitestone REIT
Anne Gregory, 713.435.2219
Vice
President Marketing & Investor Relations
agregory@whitestonereit.com
Source: Whitestone REIT