HOUSTON--(BUSINESS WIRE)--
Whitestone REIT (NYSE - 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, announced today that it intends to sell 4,000,000 of its
common shares in an underwritten public offering. In connection with the
offering, Whitestone intends to grant the underwriters a 30-day option
to purchase up to an additional 600,000 common shares. Robert W. Baird &
Co. Incorporated is acting as the sole book-running manager of the
offering.
Whitestone expects to use the net proceeds from this offering for
general corporate purposes, which may include acquisitions of additional
properties, the repayment of outstanding indebtedness, capital
expenditures, the expansion, redevelopment and/or re-tenanting of
properties in its portfolio, working capital and other general purposes.
The offering will be made pursuant to Whitestone’s existing effective
shelf registration statement, previously filed with the Securities and
Exchange Commission. The offering of these securities will be made only
by means of a preliminary prospectus supplement and accompanying base
prospectus, when available. A copy of the preliminary prospectus
supplement and accompanying base prospectus may be obtained by mail to
Robert W. Baird & Co. Incorporated, Attention: Syndicate Department, 777
E. Wisconsin Avenue, Milwaukee, WI 53202, by telephone at 800-792-2413
or by emailing syndicate@rwbaird.com.
This press release is not an offer to sell, nor a solicitation of an
offer to buy securities, nor shall there be any sale of these securities
in any state or jurisdiction in which the offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of such state or jurisdiction.
About Whitestone REIT
Whitestone REIT (NYSE: 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 over 950 tenants comprises less than 1.5% of its rental revenues.
Headquartered in Houston, Texas and founded in 1998, the Company is
internally managed with a portfolio of commercial properties in Texas,
Arizona, and Illinois.
Forward-Looking Statements
This press release contains statements that constitute “forward-looking
statements,” including with regard to the Whitestone’s proposed
securities offering and the anticipated use of the net proceeds. These
statements are made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. No assurance can be
given that the proposed securities offering discussed above will be
completed on the terms described, or at all, or that the net proceeds of
the proposed offering will be used as indicated. Completion of the
proposed securities offering on the terms described, and the application
of net proceeds, are subject to numerous conditions, many of which are
beyond the control of the Company including, but not limited to, the
status of the economy and the status of capital markets. See the Risk
Factors sections of Whitestone’s preliminary prospectus supplement and
accompanying base prospectus, as well as periodic reports and other
documents filed with the Securities and Exchange Commission (“SEC”) for
a discussion of these factors. Copies are available on the SEC's website, www.sec.gov.
Except as required by law, Whitestone undertakes no obligation to update
these statements for revisions or changes after the date of this release.
Whitestone REIT
Anne Gregory, (713) 435 2221
Vice President
Marketing & Investor Relations
ir@whitestonereit.com
Source: Whitestone REIT