HOUSTON--(BUSINESS WIRE)--
Whitestone REIT(NYSE: WSR - “Whitestone”), a fully integrated
real estate company that owns, operates and redevelops Community
Centered Properties™, announced today that it intends to sell 4,000,000
of its common shares in an underwritten public offering. In connection
with the offering, Whitestone intends to grant the underwriters a 30-day
option to purchase up to an additional 600,000 common shares to cover
over-allotments, if any. Robert W. Baird & Co. Incorporated and JMP
Securities LLC are acting as joint-book running managers of the offering.
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.
The offering will be made pursuant to Whitestone’s existing effective
shelf registration statement, previously filed with the Securities and
Exchange Commission. The offering of these securities will be made only
by means of a preliminary prospectus supplement and accompanying base
prospectus, when available. A copy of the preliminary 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 proposed
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 proposed securities offering discussed above will be
completed on the terms described, or at all, or that the net proceeds of
the proposed offering will be used as indicated. Completion of the
proposed 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 the Company including, but not limited to, the
status of the economy and the status of capital markets. See the Risk
Factors sections of Whitestone’s preliminary 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