Funds to be Used Primarily for Acquisitions and Redevelopment
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, announced today it has closed on a new three-year $125
million unsecured revolving credit facility. The new credit facility
will replace the existing $20 million facility with Bank of Montreal.
The Company plans to use the new facility primarily for acquisitions,
redevelopment of existing properties in its portfolio, and general
corporate purposes.
The transaction was led by BMO Capital Markets as the Sole Lead Arranger
and Sole Book Runner. Bank of Montreal is serving as the Administrative
Agent. U.S. Bank National Association served as Syndication Agent, while
Capital One, National Association, and Wells Fargo Bank, National
Association served as Co-Documentation Agents. Also included in the
lender group is MidFirst Bank.
“Our new $125 million unsecured revolving credit facility will provide
Whitestone REIT with increased financial flexibility to execute and
close on new acquisitions,” said James C. Mastandrea, Whitestone’s
Chairman and Chief Executive Officer. “We are very pleased with BMO’s
leadership role and the impressive group of banks, including U.S. Bank,
Wells Fargo, Capital One, and MidFirst Bank in our new and expanded
credit facility. We believe the strength of our bank group and the size
of our credit facility enhances Whitestone’s Community Centered Property
strategy, and provides the financial flexibility necessary to execute
contracts and close quickly on value-add acquisition opportunities. As
we continue to grow our real estate portfolio and focus on increasing
revenue, NOI, FFO and FFO/share, we expect shareholder value to be
enhanced with the pricing and timely management of our new three-year
credit facility.”
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. Headquartered in Houston, Texas and
founded in 1998, the Company is internally managed with a portfolio of
commercial properties in Texas, Arizona, and Illinois. 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 900 tenants comprises
less than 2% of its rental revenues. 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.
Whitestone REIT Acquisitions: Interested
parties should contact Bradford Johnson, Whitestone REIT Director of
Acquisitions, via email: bjohnson@whitestonereit.com
or phone 713.435.2208.
Forward-Looking Statements
Statements included herein that state Whitestone’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. You should not rely on
forward-looking statements because the matters they describe are subject
to known and unknown risks and uncertainties that may cause Whitestone’s
actual results, performance or achievements to differ materially from
those expressed or implied by these statements. Reference is made to
Whitestone’s regulatory filings with the Securities and Exchange
Commission for information or factors that may impact Whitestone’s
performance.
Whitestone REIT
Anne Gregory, 713-435-2221
Vice President
Marketing & Investor Relations
ir@whitestonereit.com
Source: Whitestone REIT