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 first quarter, ended March 31, 2012. The physical occupancy of
its Operating Portfolio1 was 87% as of March 31, 2012, a 3%
percent increase over the year-ago first quarter ended March 31, 2011
and was unchanged since the prior quarter ended December 31, 2011. The
Company’s total occupancy, including the newly purchased value add
properties in Phoenix, was 85% as of the end of the current quarter, a
1% increase from December 31, 2011.
Whitestone’s leasing team signed 90 leases totaling 159,167 square feet
(“sf”) in new and renewal leases during the first quarter, and currently
has over 941 total tenants, of which 72% lease space that is less than
3,000 sf, provide services as opposed to goods, and are located in
multi-cultural neighborhoods.
“We continue to build from our small tenant base platform and business
model and are gaining a foothold, as current tenants expand into
adjacent spaces and look to expand their business at other Whitestone
locations. We have expanded our tenant roster over the last twelve
months by adding 153 new tenants,” said James C. Mastandrea,
Whitestone’s Chairman and Chief Executive Officer. “Our new Director of
Real Estate Development, Richard Rollnick, who joined Whitestone last
month, is focused on initiating value-add transformation and
redevelopment of numerous residual land and out parcel projects within
our current portfolio. Additionally, he will lead the Phase II ground-up
development and construction to add new lease space on our two expansion
parcels that we purchased in late December 2011. These projects are
expected to begin mid to late 2013 and include a 4.45 acre Phase II
parcel for Pinnacle of Scottsdale in North Scottsdale and a 2.73 acre
parcel adjacent to The Shops at Starwood in Frisco, Texas.”
Leasing Highlights
Arizona Region:
Gilbert Tuscany – Gilbert: Five new leases were signed within
this family-themed Community Center in the growing Phoenix East Valley
market area. Hen House, Inc. signed a lease for a new 2,935 sf
restaurant, Karve Studios signed a lease for a new 2,432 sf exercise
studio, A World of Heaven signed a lease for a new 1,481 sf bookstore,
an operator for a new Nail Salon signed a 1,481 sf lease, and a lease
was also signed for a new 1,012 sf massage studio.
Desert Canyon – Scottsdale: Five new, expansion, and renewal
small tenant leases totaling 3,710 sf were signed in this Community
Center targeting the surrounding young family demographic. This includes
a 1,563 sf expansion by Classic Cooking Academy, a chef-preparatory
school, for an adjacent café restaurant now open to the public.
Terravita – Scottsdale: Sherwin Williams signed a new lease for
3,868 sf; Animal Hospital at Terravita signed a 1,486 sf renewal lease
in this seniors-at-home focused Community Center.
Texas/Illinois Region:
I-10 Office Warehouse – Houston: 24,730 sf of new and expansion
leases were signed in this energy corridor office/flex Community Center,
including a 15,705 sf expansion lease for Peterson-Morris Wholesale
Distributing, one of the largest flooring distributors in Houston, and a
new 4,000 sf lease for Houston Custom Metal Work.
Corporate Park Northwest – Houston: In this small business
incubator themed Community Center business park, 22 new, expansion, and
renewal leases were signed totaling 30,000 sf. Tenants include Marlene
Avila, a certified refloxologist, and Spartan Global Services Group.
Featherwood – Houston: Over 16,000 sf of new, expansion, and
renewal leases were signed in this office Center, including a 40%
expansion by Sage Environmental, an environmental consulting firm for
the oil and gas industry.
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 900 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