HOUSTON--(BUSINESS WIRE)--
Whitestone REIT(NYSE - WSR “Whitestone”), a fully integrated
real estate company that owns, operates and re-develops Community
Centered PropertiesTM, announced today the full exercise of
the underwriters’ over-allotment option to purchase 600,000 of the
Company’s common shares. The over-allotment option was exercised in
connection with Whitestone’s public offering, which priced on October 3,
2013. Including the over-allotment shares, a total of 4,600,000 common
shares were sold at a price to the public of $13.54 per share. Total net
proceeds to Whitestone from the offering, including the over-allotment
shares and after deducting the underwriting discount and estimated
offering expenses, were approximately $60 million. The sale of the
over-allotment shares closed on October 28, 2013.
Robert W. Baird & Co. Incorporated and JMP Securities LLC acted as joint
book-running managers of the offering. BMO Capital Markets Corp. and
Wunderlich Securities, Inc. acted as co-lead managers for the offering.
J.J.B. Hilliard, W.L. Lyons, LLC, Ladenburg Thalmann & Co. Inc., a
subsidiary of Ladenburg Thalmann Financial Services Inc. (NYSE MKT:LTS),
and SunTrust Robinson Humphrey acted as co-managers for the offering.
The offering was made pursuant to Whitestone’s existing effective shelf
registration statement, previously filed with the Securities and
Exchange Commission. The offering of these securities is made only by
means of a prospectus supplement and accompanying base prospectus. A
copy of the 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 800-792-2473 or by emailing syndicate@rwbaird.com;
or by mail to JMP Securities LLC, Attention: Prospectus Department, 600
Montgomery Street, 10th Floor, San Francisco, California 94111, or by
telephone at (415) 835-8985.
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 investment
trust that owns, operates and redevelops Community Centered PropertiesTM.
Whitestone focuses on value creation in its community centers,
concentrating on 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 1,200
tenants comprised less than 1.6% of its annualized base rental revenues
as of June 30, 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 has links to
Whitestone’s filings with the Securities and Exchange Commission, news
releases, financial reports and investor newsletters.
Forward-Looking Statements
This press release contains statements that constitute “forward-looking
statements,” including with regard to the Whitestone’s 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 securities offering discussed above will be completed on the terms
described, or at all, or that the net proceeds of the offering will be
used as indicated. Completion of the 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 Whitestone
including, but not limited to, the status of the economy and the status
of capital markets. See the Risk Factors sections of Whitestone’s
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
Suzy Taylor, 713-435-2219
Director of
Investor Relations
STaylor@WhitestoneREIT.com
Source: Whitestone REIT