HOUSTON--(BUSINESS WIRE)--
Whitestone REIT(NYSE: WSR- “Whitestone”), a fully
integrated real estate company that owns, operates and redevelops
Community Centered Properties™, announced today the pricing of its
public offering of 4,000,000 common shares at a price to the public of
$13.54 per share. The underwriters have been granted a 30-day option to
purchase up to an additional 600,000 common shares to cover
over-allotments, if any. The net proceeds to Whitestone, after deducting
the underwriting discount and estimated offering expenses, are expected
to be approximately $52 million (exclusive of the underwriters’
over-allotment option). The offering is expected to close on October 8,
2013, subject to customary closing conditions.
Whitestone will contribute the net proceeds of the offering to its
operating partnership in exchange for units of limited partnership
interest in the operating partnership. The operating partnership intends
to use the net proceeds from the offering for general corporate
purposes, which may include acquisitions of additional properties, the
repayment of outstanding indebtedness, capital expenditures (including
tenant improvements), the expansion, redevelopment and/or re-tenanting
of properties in Whitestone’s portfolio, working capital and other
general purposes.
Robert W. Baird & Co. Incorporated and JMP Securities LLC are acting as
joint book-running managers of the offering. BMO Capital Markets Corp.
and Wunderlich Securities, Inc. are acting 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 are co-managers for the offering.
The offering is being 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 Properties™.
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.
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