HOUSTON--(BUSINESS WIRE)--
Whitestone REIT (NYSE: WSR) “Whitestone” or the “Company”, a
fully integrated real estate company that owns, operates and re-develops
Community Centered PropertiesTM, announced today that Bank of
America has joined the bank group providing its recently expanded credit
facility. Bank of America joins Bank of Montreal, US Bank and Wells
Fargo in the syndicated facility. All other terms of the recently
expanded $175 million facility with a $50 million accordion feature,
remain the same. As stated in previous announcements, Whitestone plans
to use the recently expanded facility primarily for acquisitions,
redevelopment of value-add properties in its portfolio, and general
corporate purposes.
“We are pleased to add Bank of America to Whitestone’s unsecured credit
facility, creating a group of top tier banks to support our value-add
growth strategy,” said James C. Mastandrea, Chairman and Chief Executive
Officer. Mastandrea added, “We see Bank of America joining our group of
banks as a testament to the creditworthiness of Whitestone, its strong
balance sheet and enhanced financial flexibility.” Mastandrea continued,
“Our relationship with these top tier banks, in addition to our
creditworthiness, has been built on our track record and focused
Community Centered Property business model - owning, managing, leasing,
and operating over 4.4 million square feet of space, largely occupied by
small, service-based tenants.”
About Whitestone REIT
Whitestone REIT (NYSE: WSR) is a fully integrated real estate investment
trust ("REIT") that owns, operates and redevelops Community Centered
PropertiesTM, which are visibly located properties in
established or developing culturally diverse neighborhoods. Whitestone
focuses on value creation in its community 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, casual
dining, and convenience services. The largest of its approximately 1,100
tenants comprised less than 1.1% of its annualized base rental revenues
as of March 31, 2013. Founded in 1998, 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 contains filings
with the Securities and Exchange Commission, 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.
Whitestone REIT
David K. Holeman, 713-435 2227
Chief
Financial Officer
ir@whitestonereit.com
Source: Whitestone REIT